Statement from Senate Budget Committee Ranking Member Graham on Manchin-Schumer Proposal
WASHINGTON – Today Senate Budget Committee Ranking Member Lindsey Graham (R-South Carolina) made this statement after Senator Joe Manchin (D-West Virginia) appeared on five Sunday shows to tout the Democrats’ tax and spending proposal.
“After five TV appearances this Sunday by Senator Manchin, it is clear to me that he doesn’t understand how the Manchin-Schumer proposal works. To suggest that tax increases and new government spending in the name of climate change won’t add to inflation is, at best, misguided.
“Most importantly, the Manchin-Schumer proposal includes a 15 percent corporate minimum tax that guts the expensing provisions of the 2017 tax cut. Under current tax law, companies are allowed to expense the cost of new investments, which spurred investment before COVID at record levels and allowed our economy to hold the line. The Manchin-Schumer proposal eviscerates expensing in a fashion that will dramatically slow down the economy.
“The costs associated with the Democrats’ tax and spending proposal will assuredly be passed on to the consumer. This bill worsens economic growth, throws gas on the inflation fire, and is truly the most ill-conceived idea at the most inappropriate time.”
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