Need to see, but we support tax increases

On CNN’s “The Lead,” which aired Thursday, Sen. Chris Coons (D-DE) responded to concerns that the settlement bill’s corporate minimum tax could hurt manufacturing, saying support for the tax “is our caucus collectively. Support things.” While the possible impact on competitiveness should be considered, spending the CHIPS Act will help manufacturing.

“The most important thing is that we pass this bill,” Coons said first.

Host Jack Tapper asked: “Sen. Toomey said on the show on Sunday that the problem with requiring a minimum tax on companies is that it affects the ability of companies to invest that money in the future of manufacturing, which was 2017. part of Trump’s tax bill in 2009. How do you counter that argument?”

Coons responded, “Okay, let’s be clear. This is the minimum tax that applies to companies with more than $1 billion in annual revenue, and as a simple principle, the richest Americans and the most profitable companies should pay the lowest The idea of ​​taxes is something that our caucus has come together. I do think we need to take a hard look at how it affects competitiveness. You know, Jack, I’m a guy who’s been in manufacturing for eight years and we’re coming up on Tuesday Sign a bill and President Biden is going to sign the last big piece of legislation we’ve got in the Senate. The bipartisan vote, the chip and the science bill, goes a long way toward investing in manufacturing. So, I think we’ve got to look at those two Legislation, incentives and investment in manufacturing in the CHIPS and Science Act that we just passed last week, and any potential impact on the corporate minimum tax. At the end of the day Jack, I don’t think we should go out, we should Leave Washington in August until we address these issues in the caucus and move this bill forward.”

Follow Ian Henchett on Twitter @ianhanchett

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