U.S. Senator Joe Manchin (D-WV) corrected the false claims of a Fox News host who claimed the Democrats' "Inflation Reduction Act" legislation would raise taxes on Americans making under $400,000 a year.
"That's a lie. That is a pure outright lie," the West Virginia Democrat told Fox News' Harris Faulkner Tuesday when she claimed, "I'm saying Americans $400,000 and below now are going to be taxed."
The $400,000 number is important because it refers to a campaign promise President Joe Biden made before the election, stating his economic plan would not raise taxes on couples making $400,000 or less.
"We got to know the bottom line on taxes," Faulkner told Manchin, while Fox News and other Republicans focused on floating false claims about the bill.
NBC 4 New York last week dove into he legislation, reporting: "The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year."
Faulkner quoted the Joint Committee on Taxation's claim that the Biden-Schumer legislation will raise taxes, a claim Fox News' Peter Doocy made on Monday. White House Press Secretary Karine Jean-Pierre told him the claim was "not correct." Manchin explained to Faulkner the Joint Committee's report was only written by Republicans.
"So that is unfair, so let's be accurate, what we're doing here," Manchin said. "The bottom line is how in the world can you be 'raising taxes' when all we're saying is the wealthiest corporations in America, 55 of them pay zero to help this great country of ours to defend ourselves."
Faulkner then challenged Manchin. "Well how does this change that, because that's part of the corporate structuring?"
"It's a minimum of 15 percent," Manchin explained, stating that corporations would by law be required to pay a minimum of 15 percent.
"The tax rate was at 35 percent before 2017," he continued. "Then it went to 21 precent. That was a tremendous savings, but that's not good enough" for the corporations and the GOP, Manchin said. "All we're saying is at 15 percent minimum, everyone in West Virginia I know and most people around the country pay a 21 percent corporate or greater. So why can't the greatest billion dollars of revenue a year, why can't they pay at least 15 percent for this great country?"
Faulkner then suggested if corporations, like Archer Daniels Midland, Charter Communications, FedEx, and Nike which have a history of paying zero taxes, have to pay a 15% minimum tax, it could lead to higher unemployment – before repeating her false claim that the bill raises taxes on those making under $400,000 a year.
"But $400,000 was supposed to be the cut off and I'm reading – and I am reading Senator," Faulkner said, challenging Manchin. "I'm saying Americans $400,000 and below now are going to be taxed. Their taxes are going to go up."
"That's wrong," Manchin replied. "That's a lie. That is a pure outright lie."
"So their taxes are not going to go up?" she asked.
"Not at all," Manchin replied. "And you know, one thing, how about the people that are going to be saving as far as on their Medicare $288 billion who were paying higher prices than they should?"
"How about if gasoline prices go down because we're producing more oil to make more gasoline?" Manchin asked.
"Well I know they're gonna fluctuate," Faulkner responded. "Already experts are saying we can go right back up before Labor Day."
The Democrats' Inflation Reduction Act hit Republicans by surprise, as reports reveal that Sen. Manchin, who has been the main roadblock to President Biden's agenda, negotiated a major deal that addresses Biden's top goals on taxes, climate, energy, healthcare costs, and inflation. Republicans have been angered by the bill, which was not announced until negotiations between Manchin and Senate Democratic Majority Leader Chuck Schumer were complete.
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