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Expensing and loopholes: Gaming out what’s next for the Democrats’ tax plans

August 1, 2022

Via: POLITICO

THERE’S THAT WORD AGAIN: Sen. Joe Manchin (D-W.Va.) had a clear message while making the Sunday show rounds — the new corporate minimum tax isn’t raising taxes, really.

Instead, it’s just closing a loophole that allows big corporations to pay effective tax rates of less than 15 percent.

In fact, Manchin went a full 5-for-5 in describing the Democrats’ new tax plan as an exercise in loophole closing, as he did what’s apparently called a modified full Ginsburg. “We’re just saying, close the loopholes and collect the taxes that are owed to the Treasury and the United States people,” Manchin said on CNN’s “State of the Union.”

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