We are still nervous Nellies about a budget deal next year between the two Joe’s: Biden and Manchin. The West Virginia Senator has killed much of the green new deal and big social welfare expansions, but he has many times advocated reversing the successful Trump tax cuts. Those rate cuts INCREASED tax payments by the rich.
But Manchin may not see it that way.
“The only reason I even voted to [move forward with Build Back Better Act] was to fix the taxes so that everybody paid their fair share,” Manchin explained recently. “The ultra-wealthy, the corporations that weren’t paying anything, everyone should pay their fair share.”
What this means exactly is unclear, but one of the worst features of BBB was the increase in tax rates to as high as 55% with all the surcharges. Raising rates that high would give the U.S. the highest tax rates on successful small businesses in the world.
Ironically, the other skeptical Democrat in the Senate Kristen Sinema of Arizona has said she opposes many of these tax surcharges.
Our top priority at CTUP in 2022 is to make sure the Trump tax reductions remain fully in place.