GOP tears into Manchin deal with ‘giant tax hikes’ that will ‘kill American jobs’ in pared-back BBB

Build back broke: Republicans tear into Manchin deal with ‘giant tax hikes’ that will ‘kill American jobs’ in package with a 15% rate on billion-dollar companies, $369 billion on climate and $433 billion in new spending

  • Republicans are lashing out at moderate Democrat Senator Joe Manchin 
  • Struck a deal with Chuck Schumer on a pared-back version of Build Back Better
  • Lindsey Graham tweeted that the bill is a ‘Democratic power grab’ that will ‘make every economic problem in America worse’
  • Senator Tom Cotton told Fox  the 700-page bill is the ‘the longest suicide note in the history of West Virginia’
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Republicans are lashing out at Joe Manchin for striking a deal for a pared back Build Back Better that include tax hikes – and some GOP lawmakers are backing out of voting for the $54B semiconductor bill in retaliation.

The moderate Democrat‘s deal on the massive tax and spending bill comes as the U.S. economy shrunk for a second consecutive quarter, striking fears of a recession.

Manchin struck a deal from his COVID isolation on a bill that aims to cut inflation while providing energy provisions – but the package also includes a 15 percent tax rate minimum on America’s biggest companies.

Republicans warn that hiking rates on job creators is not the way toward economic recovery.

‘I can’t believe that Senator Joe Manchin is agreeing to a massive tax increase in the name of climate change when our economy is in a recession,’ Senator Lindsey Graham tweeted Wednesday. ‘I hope that common sense will eventually win the day. What I am hearing about the terms of this latest reconciliation deal make no sense.’

‘I have tried to work across party lines when it makes sense, but this Democratic power grab through reconciliation will make every economic problem in America worse,’ Graham added, ending his post with: ‘Terrible deal.’

Republicans are lashing out at moderate Democrat Senator Joe Manchin for striking a deal with Majority Leader Chuck Schumer on a pared-back version of the Build Back Better package

Republicans are lashing out at moderate Democrat Senator Joe Manchin for striking a deal with Majority Leader Chuck Schumer on a pared-back version of the Build Back Better package

GOP Senator Lindsey Graham called the deal 'terrible' and said it was a 'Democratic power grab' that will 'make every economic problem in America worse'

GOP Senator Lindsey Graham called the deal ‘terrible’ and said it was a ‘Democratic power grab’ that will ‘make every economic problem in America worse’

Manchin, a West Virginia senator, previously said that he couldn’t support the climate provisions in any Build Back Better deal because he was concerned about inflation. His deal with Senate Majority Leader Chuck Schumer is a flip-flop on that stance.

Senator Tom Cotton of Arkansas told Fox News Wednesday evening that the 700-page bill is the ‘the longest suicide note in the history of West Virginia.’

He added that Manchin’s actions are a ‘double cross.’

‘Just two weeks ago he said he wasn’t gonna support a bill like this,’ Cotton told Fox’s Laura Igraham. ‘He’s been saying for months that he wouldn’t support so many of the provisions in this bill, he called them gimmicks or smoke and mirrors budgeting, but now he’s going to apparently support all of them.’

Senator Tom Cotton told Fox News on Wednesday that the 700-page bill is the 'the longest suicide note in the history of West Virginia'

Senator Tom Cotton told Fox News on Wednesday that the 700-page bill is the ‘the longest suicide note in the history of West Virginia’

GOP Senator Chuck Grassley tweeted Thursday: ‘I woke up this morning & went to my iPad & read abt Schumer Manchin scheme on new BBB that’s entitled ‘Inflation Reduction Act’.

Details on the deal 

Senators Joe Manchin and Chuck Schumer’s new bill would raise $739 billion in new revenue through a variety of proposals:

$313 billion by implementing a 15-percent corporate minimum tax

$288 billion from empowering Medicare to negotiate lower drug prices 

$124 billion from strong IRS enforcement of tax law 

$14 billion from closing the carried interest loophole for money managers

It also includes $433 billion in new spending: 

 $369 billion on energy security and climate change 

$64 billion to extend health care subsidies for the Affordable Care Act

All this would leave $300 billion to reduce the deficit 

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‘[I]t’s laughable to call it an inflation fighter bill when u r raising taxes by $330BILLION worse yet it pours gas on inflation fires & we r in recession,’ he added.

Minnesota Representative Tom Emmer, the chair of the National Republican Congressional Committee, told Fox News that the deal is ‘Democrats’ latest desperate attempt to get voters to forget they’re paying record high prices for everything, and Democrats’ policies are directly to blame.’

Senate Minority Leader Mitch McConnell threatened when Manchin was still objecting to reconciliation that the GOP would not get on board with passing the CHIPs Act if Democrats go forward with the reconciliation package.

The $250 billion CHIPs Act aims to increase U.S. competition with China as its threat to the west increases. The Act was passed in the Senate 64-33 Wednesday and is now going to the house for a vote.

‘I would urge every House Republican after this double cross not to support that $250 billion spending bill on semiconductors,’ Cotton said Wednesday evening.

Manchin agreed to the Inflation Reduction Act of 2022 on Wednesday, which is a scaled back version of the $3 trillion Build Back Better deal previously proposed and rejected.

The new package aims to reduce carbon emissions 40 percent by 2030, lower health care costs and provide a lump sum payment toward reducing the deficit in order to fight record-breaking spikes in inflation.

The bill aims to raise $739 billion in new revenue through a variety of proposals, including bringing in $313 billion by implementing a 15 percent corporate minimum tax and another $14 billion from closing the carried interest loophole for money managers.

It also aims to bring in $124 billion from increasing strict IRS enforcement of tax law and $288 billion from empowering Medicare to negotiate lower drug prices.

But the Inflation Reduction Act also includes $433 in new spending, including the biggest chunk – $369 billion – going toward energy security and climate change and another $64 billion on extending health care subsidies for the Affordable Care Act.

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