Two of the biggest pro-business groups in the country — the U.S. Chamber of Commerce and the Business Roundtable — are gearing up to fight new tax proposals in Congress as Democrats work to finish President Joe Biden’s social safety net and climate spending bill.
The proposals would target billionaires through the tax code and enact a 15% minimum corporate tax on declared income for large corporations.
Centrist Democrat Joe Manchin has voiced some concerns about the so-called billionaire tax. The senator from West Virginia, who represents a pivotal vote in the Senate, has worked to shrink Biden’s and Democrats’ proposals for the bill. He favors the minimum corporate tax, however.
The Chamber, the biggest business advocacy group in the country, told CNBC that it is concerned that lawmakers are rushing these proposals through Congress.
“We are concerned about this attempt at the 11th hour to rush through brand new, complex, and untested methods of taxation,” Neil Bradley, the group’s executive vice president and chief policy officer, said in a statement. The group, he said, thinks lawmakers haven’t thoroughly vetted the proposals for unintended consequences.
The details of Biden’s new plan remain unclear, according to The Post, but Biden has already responded publicly to pressure to bring down the total cost.
Early this month, Biden floated a reduced price tag of $2 trillion for the bill, and later Insider’s Joseph Zeballos-Roig reported that he had conceded in mid-October that he was not going to secure support for the full $3.5 trillion in spending.
A week ago, he also said expanded Medicare spending would be a “reach,” something he said was “because of Mr. Manchin,” Insider’s Zeballos-Roig and Azmi Haroun reported.
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