• Privacy Policy
  • About Us
  • Contact Us
Climate Change Dispatch
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us
No Result
View All Result
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us
No Result
View All Result
Climate Change Dispatch
No Result
View All Result

The Schumer-Manchin Climate Tax Will Hit Everyone

by WSJ Editorial Board
August 01, 2022, 7:16 AM
in News and Opinion
Reading Time: 3 mins read
A A
2

schumer-manchinMajority Leader Chuck Schumer wants a Senate vote on his partisan tax deal with Joe Manchin as early as this week, and no wonder he wants to rush it through.

The more Americans learn what’s in this tax-and-spend behemoth, the more they’ll dislike it. [bold, links added]

Start with the authors’ central claim that the bill will reduce the deficit and thus inflation.

The Penn Wharton Budget Model, which Sen. Manchin has been known to watch, examined the details of Schumer-Manchin and found that it doesn’t contain any net deficit reduction until 2027.

“The impact on inflation is statistically indistinguishable from zero” through 2031, say the Penn Wharton modelers.

We don’t agree with those who think deficit reduction leads in a straight line to lower inflation, but that’s what the Democrats claim for their bill.

If the first deficit reduction doesn’t come for five years, what’s the help on inflation today?

The $327 billion in new taxes could slow inflation if the economy falls into recession, and that may be the quiet expectation.

The tax increases on business will discourage investment while the Federal Reserve is also raising business costs with higher interest rates.

But tax policy should be working in the opposite direction to encourage investment when the Fed is tightening and the economy is close to recession.

Evidence is emerging that the new Schumer-Manchin 15% minimum tax on corporate-book income is especially harmful to U.S. manufacturing firms.

An analysis by Congress’s Joint Committee on Taxation (JCT), which is hardly a nest of supply-siders, found that 49.7% of the tax would hit U.S. manufacturers.

The book-income minimum tax would hit the accelerated depreciation in the tax code that lets businesses write off investment in, say, new factories.

Wholesale trade (9.3%), retail trade (4.9%) and information (11.5%) companies would get off relatively easy by comparison.

This new tax increase arrives only days after the Senate passed a $280 billion subsidy bill for computer-chip manufacturers to keep the U.S. globally competitive.

Now Democrats want to take a chunk of that back for themselves via the minimum book tax.

Subsidies for a few, tax increases for the many. So much for President Biden’s claim that he wants a renaissance in U.S. manufacturing.

An analysis by the National Association of Manufacturers says the tax in 2023 alone will reduce real GDP by $68.5 billion and cut labor income by $17.1 billion.

One well-known economic truth is that corporations don’t really pay taxes. They are essentially tax collectors, as the corporate tax rate ultimately falls on some combination of workers, shareholders, and customers.

Raise the corporate tax rate, and you’re cutting wages and salaries for workers.

No surprise, that’s exactly what the Joint Committee on Taxation found in its analysis of the Schumer-Manchin bill’s distributional impact.

The JCT finds that average tax rates will increase for nearly every income category in 2023 under the bill.

Taxes will rise by $16.7 billion in 2023 on Americans earning less than $200,000 a year. Taxpayers earning between $200,000 and $500,000 will pay $14.1 billion more.

This gives the lie to Democratic claims that no one earning under $400,000 will pay more taxes under the bill, a promise Mr. Biden also made in his campaign.

The reality is that the Schumer-Manchin bill is a tax increase on nearly every American.

If Arizona Sen. Kyrsten Sinema and other Democrats want to sign up for this tax ball-and-chain barely three months before an election, they will be responsible for the economic consequences.

Their new tax on workers is unlikely to be a political or economic winner.

Read more at WSJ

  • Truth
  • Twitter
  • Facebook
  • LinkedIn
  • Gettr
  • Threads
  • gab-logo Gab
  • Mastodon
  • Buffer
  • Telegram
  • Email
  • Copy Link
  • Share Using More Networks…

Popular Posts

Electric Vehicles (EVs)

The ‘Green’ Scam Of The Century: How ‘Renewables’ Increase Fossil Fuel Demands

Oct 23, 2024
News and Opinion

Antarctica Is Colder, Icier Today Than At Any Time In 5,000 Years

Apr 15, 2024
Energy

30-Plus Signs That The Climate Scam Is Collapsing

Apr 09, 2025

Stay Connected On Social Media

gab-logo

Donate Today

Beating back the alarmist narrative takes time and money. Please donate today to help!

Recent Posts

  • COP30 Amazon17 Republican AGs Urge Trump Admin To Skip COP30 Over Green Energy Policies
    Oct 24, 2025
    The attorneys general say attending COP30 would back costly, unreliable wind and solar and risk U.S. energy security. […]
  • severe storm over cityClimate Expert Reveals Latest Scandal Tied To Billion-Dollar Disasters
    Oct 24, 2025
    Climate Central takes over the Billion-Dollar Disasters tabulation, sparking fresh controversy over its methods and motives. […]
  • ocean sun cloudsNew Study Finds 75% Of Rising Ocean Heat Likely Natural, CO2 Not A Factor
    Oct 24, 2025
    Study shows ocean warming driven mostly by natural cycles, not greenhouse gas emissions, challenging mainstream global warming narratives. […]
  • LNG terminal in germanyU.S. And Qatar Push Back On EU’s Climate Mandates That Threaten LNG Exports
    Oct 24, 2025
    U.S. and Qatari officials warn that the EU’s latest climate regulations under CSDDD could endanger Europe’s access to affordable natural gas. […]
  • marines trainingCrazy Hill Op-Ed Demands Generals Respond To Climate Change ‘National Security’ Threat
    Oct 23, 2025
    The Hill warns of climate Armageddon unless U.S. generals join the fight against ‘Mother Nature,’ now deemed a national security threat. […]
  • Shipping port near power plantEurope’s Energy Crisis Shows Net Zero Dogma Comes At A Cost
    Oct 23, 2025
    While China’s rare earth threat exposes U.S. supply chain risks, Europe’s energy crisis shows how net zero policies backfired spectacularly. […]
  • wind farm climate outDemocrats Ditch Climate Messaging As Rising Utility Costs Hit Voters
    Oct 23, 2025
    As Democrats struggle with climate messaging, voters feel the pinch from rising utility bills and the party's costly green energy policies. […]
  • Protest system change not climate changeLead Attorney Admits Real Goal Of Climate Lawsuits: Backdoor Carbon Tax
    Oct 23, 2025
    A top lawyer spearheading climate lawsuits says the quiet part out loud: litigation is a backdoor carbon tax on oil companies and consumers. […]
  • WMO reportHow The World Meteorological Organization Lies To You—Using Your Taxes
    Oct 22, 2025
    The WMO’s 2025 greenhouse gas report hides key data that undercuts the so-called climate 'crisis' narrative—funded by your tax dollars. […]
  • Hurricane generating ocean waves2025 Hurricane Season Is Flopping As Alarmist Predictions Fail
    Oct 22, 2025
    The 2025 hurricane season so far has seen no major U.S. landfalls, exposing alarmists’ failed predictions of catastrophic storms. […]

Get Instant Email Notifications

Subscribe to receive a digest of daily stories, or get emailed once they're published. Check your Junk/Spam folder for a verification email.

Submit a tip

Please enter your email, so we know you're human.

Books You May Like

exposing great lie

Have a suggestion? Let us know! We swap out books based on your input. We participate in the Amazon Services LLC Associates Program. See here.

  • About
  • Privacy Policy
  • Contact Us

© Portions copyright Climate Change Dispatch

No Result
View All Result
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us

© 2025 Climate Change Dispatch

 
Share via
  • Facebook
  • Like
  • Twitter
  • Pinterest
  • LinkedIn
  • Digg
  • Tumblr
  • VKontakte
  • Print
  • Email
  • Reddit
  • Buffer
  • Love This
  • Weibo
  • Pocket
  • Xing
  • Odnoklassniki
  • WhatsApp
  • Meneame
  • Blogger
  • Amazon
  • Yahoo Mail
  • Gmail
  • AOL
  • Newsvine
  • HackerNews
  • Evernote
  • MySpace
  • Mail.ru
  • Viadeo
  • Line
  • Flipboard
  • Comments
  • SMS
  • Viber
  • Telegram
  • Subscribe
  • Facebook Messenger
  • Kakao
  • LiveJournal
  • Yammer
  • Edgar
  • Fintel
  • Mix
  • Instapaper
  • Copy Link
  • Truth
  • gab-logo Gab
  • Gettr
  • Baidu
  • Mastodon
  • Threads
  • Bluesky
Share via
  • Digg
  • Tumblr
  • VKontakte
  • Print
  • Email
  • Reddit
  • Buffer
  • Love This
  • Weibo
  • Pocket
  • Xing
  • Odnoklassniki
  • WhatsApp
  • Meneame
  • Blogger
  • Amazon
  • Yahoo Mail
  • Gmail
  • AOL
  • Newsvine
  • HackerNews
  • Evernote
  • MySpace
  • Mail.ru
  • Viadeo
  • Line
  • Flipboard
  • Comments
  • SMS
  • Viber
  • Telegram
  • Subscribe
  • Facebook Messenger
  • Kakao
  • LiveJournal
  • Yammer
  • Edgar
  • Fintel
  • Mix
  • Instapaper
  • Copy Link
  • Truth
  • gab-logo Gab
  • Gettr
  • Baidu
  • Mastodon
  • Threads
  • Bluesky