Democrats are planning to raise taxes on corporations and the wealthy to pay for new childcare, education and climate change programs, and Manchin is on board with that plan in concept. But he wants smaller tax increases on both corporate taxes and capital gains for wealthy earners than Biden and the rest of the party do.
Manchin has suggested rates of 25 percent for corporate earners and 28 percent for capital gains. More modest tax increases would curtail the size of the bill if Manchin and other moderates insist on avoiding any more deficit spending in the forthcoming mega-legislation, which Democrats are planning to steer to passage without GOP buy-in using the budget process.
His comments come as Senate Budget Committee Democrats prepare to huddle again Tuesday to try and settle on a top line spending number. Privately some Democrats expect the party to settle on a level just short of $4 trillion.
But Manchin wouldn’t say whether or not that’s too much for him and his hopes of paying for any big spending package: “I’ve heard so several different numbers. In all honesty in respect to the people doing the hard work, I say when I see the final product I can make an evaluation,” Manchin said.