Sen. Joe Manchin III of West Virginia batted down Republicans’ criticism Monday that tax-and-climate legislation he crafted with Senate Majority Leader Charles E. Schumer would raise taxes on everyday Americans.
The centrist Democrat reiterated that the Inflation Reduction Act — as Democrats have named it — would close loopholes for wealthy Americans and large corporations by ensuring companies that have previously skirted taxes and earn at least $1 billion per year would be hit with a 15% minimum rate.
“I just need people to explain to me, for the wealthiest people in America … that have made more than any time in the history of this country, how [the taxes] would be detrimental? I just need to hear that explanation,” he told reporters at the Capitol.
Mr. Manchin rejected a recent finding from the nonpartisan Joint Committee on Taxation that predicted taxpayers who earn less than $200,000 per year would pay