Author Topic: Manchin on Claim Reconciliation Bill Will Hurt GDP, Labor Income: A Different Group’s Analysis Is Wr  (Read 132 times)

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Offline mystery-ak

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Manchin on Claim Reconciliation Bill Will Hurt GDP, Labor Income: A Different Group’s Analysis Is Wrong and ‘a Lot of This Is Being Skewed’

Ian Hanchett 2 Aug 2022

On Tuesday’s broadcast of CNBC’s “Closing Bell,” Sen. Joe Manchin (D-WV) reacted to claims by the National Association of Manufacturers that the taxes in the reconciliation bill will hurt the manufacturing sector and reduce GDP and labor income by stating that the Joint Committee on Taxation’s claims that the bill would raise taxes on people making $200,000 aren’t true, the JCT analysis was done only by the Republican side of the Committee, and “a lot of this is being skewed right now.”

Manchin stated that “all we’re saying is, companies who aren’t paying or are paying very [little], if any at all, and there [are] 55 of the largest corporations, this only affects, Sara, companies that have a billion dollars of revenue or greater annually that are even going to be evaluated this way to pay a 15% minimum. And I just can’t believe that these patriotic companies don’t want to help this country defend itself and be able to do what we need to do to be the superpower of the world.”

Host Sara Eisen then asked, “Well, JCT found that 50% of those companies would be America’s manufacturing companies at a time where, Sen. Manchin, we’re trying to re-shore American manufacturing, aren’t we? So, doesn’t that hurt their hiring and investing decisions?”

Manchin answered, “If you thought it was going to hurt, don’t you think the last two years it would’ve — you would’ve seen record capital investments? And you’ve seen the least amount of capital investments with record profits. So, the only thing we’re saying is the thing they tell me most, is reliability, making sure this government will let them do their job, permitting regulations. And that’s what we’re going to basically accelerate and streamline to where people can — we can do things and build things much quicker than we ever have in the past. That’s all part of this package. So, it’s going to be wonderful from that end of it.”

Eisen then said, “Well, the National Association of Manufacturers [disagrees]. They say that the tax in 2023 alone will reduce GDP by $68.5 billion, cut labor income by $17.1 billion. That’s problematic.”

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Offline DefiantMassRINO

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Increasing the cost of doing business in the United States drives business offshore.

Revenue is not profit.  Many businesses do not have a 15% or greater profit margin on gross revenue.

Supply chains may be diversifying away from China, but they are not coming back to the United States.
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Online Smokin Joe

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CAPEX in the oil patch is being played tight, with fewer lease options available, a hostile administration looking for a vein to tap, and the echoes of the COVID crash and end of a lot of smaller producers. Add in that financial institutions are being pushed to not provide money for "fossil fuels", and you're darned tootin' those record profits are going to bolster fiscal strength and are being held to maintain strength. The Majors are global, and are investing elsewhere, for the most part, simply because of the hostile climate here at home.
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Offline Killer Clouds

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When this bill passes and makes everything worse the blame can be square on the shoulders of Schumer, Manchin, Biden and the Democrat Communist Party.