In CNBC’s “Last Call” Tuesday, Senator Joe Manchin (D-WV) responded to the National Manufacturers Association’s claims that the taxes on the settlement bill would hurt the manufacturing sector and reduce GDP and labor income. Not true to taxation that the bill would increase taxes on people earning $200,000, the JCT review was only done by the Republican side of the Committee and “now much of this is distorted.”
“All we’re talking about are companies that don’t pay too much or don’t pay too much,” Manchin said. [little]if and there [are] Of the largest companies we just mentioned, 55 of Sarah’s are companies with revenues of a billion dollars or more per year and will be valued at a return of at least 15%. And I can’t believe these patriotic companies don’t want to help this country defend itself and do what we need to do to become a world superpower.”
Host Sarah Eisen then asked, “Well, JCT found that 50% of these companies will be American manufacturing companies at the time, Senator Manchin, we’re trying to reinstate American manufacturing, right? Doesn’t that affect their hiring and investment decisions?”
Manchin replied, “If you think you’re going to get hurt, don’t you think the last two years will be… you’re going to see record capital investments? And you’ve seen the smallest capital investment with a record profit. So all we’re saying is, the thing they tell me the most is reliability, the certainty that this government will let them do their job, let the policies go. And that’s basically what we’re going to speed up and simplify for people to do – we’ll be able to do things and build things faster than ever before. It’s all part of this package. From this point on, everything will be fine.”
Then Eisen said, “Well, the National Association of Industrialists [disagrees]. They said the tax would reduce GDP by $68.5 billion and labor income by $17.1 billion in 2023 alone. This is a problem.”
Manchin responded, “I heard about the CDC, you heard that – joint tax – sorry JCT, Joint Taxation Committee, you heard them say they’re going to pay $200,000 in taxes to people, which is really, totally wrong, that’s not a fact. What they didn’t tell you, Sarah, comes from only half of that, namely the Republican side. [Joint Committee on Taxation] It usually has two faces. You have the Republican side, the Democratic side, they work together. When they make a joint statement, it’s usually both parties. It was only on one side. So, most of them are now distorted. For the first time, we are paying our $300 billion debt. We can’t do it for 25 years, not 25 years, we pay the debt. We are increasing energy production.”
Source: Breitbart
