Manchin Rejects Minimum Tax on Multinational Companies

Sen. Joe Manchin, D-W.Va., refused to back congressional Democrats’ economic package partly due to a provision that would impose a 15% minimum tax on multinational corporations.

Manchin, who was the key vote on the bill, told Senate Majority Leader Chuck Schumer, D-N.Y., last week that he could not support the legislation. In a radio interview on Friday, he explained that he didn’t support the plan to overhaul the international tax system because other countries haven’t made these changes yet.

“We’re not going to go down that path overseas right now,” Manchin told West Virginia MetroNews radio host Hoppy Kercheval. “Because the rest of the countries won’t follow, and we’ll put all of our international companies in jeopardy, which harms the American economy. Can’t do that. So we took that off the table.”.. (Excerpt from Newsmax)