Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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edited July 27 in US Political Debate
The proposed legislation, the “Inflation Reduction Act,” will raise taxes on the wealthy to fund investments in climate and health care.

Comments

  • All should pay their fair share.

    The US encourages people to do the best they can and provides an environment to facilitate it.

    The tax increase is not burdensome and helps all to get ahead.

  • edited August 3

    But why should they increase taxes? Why is that the thing to do?

    "Taxes on the wealthy" are taxes on corporations. That results in lower investment and lower wages. The non-partisan Joint Committee on Taxation found that a majority of the costs from the Inflation Reduction Act will be borne by homes earning less than $400,000.

    The legislation creates a 15% minimum tax on the corporate profits that large companies report to shareholders. It would also give the Internal Revenue Service about $80 billion to increase enforcement.

    Analytics groups have also found that this bill would have little to no impact on curbing inflation, as well.

    What is the basis for "fair share"?

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