Sen. Joe Manchin (D-WV) announced that he does not support President Joe Biden's proposed tax increases on corporations.
The corporate tax rate would go up to 28% from 21% under Biden's plan, as well raise the global minimum tax on U.S. companies from approximately 13% to 21%. According to the White House, the increases would pay for the proposed investments in America's roads and bridges, transit systems, schools, and hospitals.
However, Manchin believes 28% is too high and suggested that the package could instead be paid for by raising the corporate rate to 25% while closing tax loopholes.
"As this bill exists today, it needs to be changed," Manchin said during radio interview with West Virginia MetroNews. "Bottom line is, that's what legislation is all about. This bill will not be in the same form you've seen introduced or seen people talking about."
Democrats will most likely have to pass the measure via budget reconciliation, as Republicans have widely rejected the package.
"If I don't vote to get on it, then it's not going anywhere, so we're going to have some leverage here," said Manchin. "It's more than just me. There's six or seven other Democrats who feel very strongly about this. We have to be competitive, and we're not going to throw caution to the wind."