Senator Manchin was on Sunday morning TV defending his proposed “Inflation Reduction” bill. I have taken an unpopular stance (somewhat) supporting his effort … see: Surprise! (Updated). In two interviews, he clarified one issue but didn’t fill out a second.
He made it clear that there are no “tax increases” in the bill other than the killing of carried interest tax gimmick (for hedge fund managers) and an alternative minimum tax on corporate profits above $1 billion … which he called “closing tax loopholes.” I still support these changes even though I suspect that the carried interest elimination may be a deal killer.
On the environmental piece of this puzzle, he was not so candid. He talked about faster permitting of drilling for oil … and we know he wants the gas pipeline from his state. And I don’t think the EV tax credits will amount to anything … see my previous post. But, it is here where I think the deep-state boobytraps lie.
Bottom line: I like the tax fixes Manchin is proposing … but I suspect that Schumer is trying to roll him on the spending side. But I doubt that the bill will become law.
And don’t get me started on the semiconductor bailout bill. As far as I am concerned, it’s another Democrat rewarding of bad behavior.
Afterward … see: Powerline Blog.
STAND UP FOR TAX FAIRNESS!