Manchin bankrolled by out-of-state donors, just 1% of individual campaign donations are from West Virginians

The state most disastrously affected by the new tax and spend, anti-energy bill is Manchin’s state of  West Virginia. Manchin has been their Senator since 2010, why would West Virginians continue to vote for their executioner?

Manchin-Schumer spending bill estimated to hurt coal workers the most | Fox Business

The Manchin-passed bill will hit West Virginians the hardest, according to a study by the Tax Foundation.

The 15% corporate alternative minimum tax, which is applied to the financial statement income that companies report to their investors, will impose a net tax hike of 7.2% on the coal industry’s pretax book income, which is higher than any other industry, the Tax Foundation report said. The second-hardest hit by the tax, according to the study, is in automobile and truck manufacturing, which faces a 5.1 percent tax hike.

“These industries are especially heavily impacted because they are at the intersection of the different book-tax gaps targeted by the book minimum tax: permanent discrepancies between the two measures from firms paying low taxes (the intended target); temporary timing differences between financial and taxable income; deliberate tax incentives created by Congress (e.g., bonus depreciation); and special items that show up in one income definition but not the other, such as amortizing investment in spectrum…” the study said.

Moreover, Section 13901 of the new bill strikes a subsection of the U.S. tax code that reduces the tax on coal production, meaning the rate of tax on coal from underground mines will increase from $0.50 to $1.10, and the rate of tax on coal from surface mines will increase from $0.25 to $0.55.

WHAT TAX HIKES ARE IN THE MANCHIN-SCHUMER RECONCILIATION BILL?

Manchin bankrolled by out-of-state donors, just 1% of individual campaign donations are from West Virginians

Sen. Manchin backs the Inflation Reduction Act, which would raise taxes and bolster IRS enforcement

By Thomas Phippen | Fox News August 2022:

Sen. Manchin defends support for Inflation Reduction Act

Democratic West Virginia Sen. Joe Manchin raised only a fraction of his campaign funds from voters in his home state, according to a Fox News Digital analysis, while out-of-state contributions and corporate donations make up the bulk of his fundraising.

Manchin, who shocked Washington last week after announcing an agreement to advance a green energy and pharmaceutical spending bill called the Inflation Reduction Act, received approximately $6.1 million from individual donors who gave more than $200 in aggregate to his campaign between January 2021 and June 30, 2022, according to Federal Elections Commission (FEC) filings.

Of that total, only about $65,000 donations came from individuals residing in West Virginia, while over $6 million came from individuals in other states. Manchin also received around $176,000 in small dollar donations, but it’s unclear how much of that came from individuals in West Virginia since campaigns are not required to report donor information on contributions under $200.

Manchin is not up for re-election until 2024 — and he has not announced whether he will seek another term in the Senate. Manchin’s office did not immediately respond to a request for comment.

The Inflation Reduction Act, which Manchin announced as an agreement with Senate Majority Leader Chuck Schumer, D-N.Y., last week, includes $433 billion in new spending on green energy programs and expanded Affordable Care Act benefits. The new spending would be paid for through raising $739 billion in revenue through a corporate tax increase and stricter IRS enforcement. The balance of the additional revenue would offset the deficit, leading Democrats to insist that the bill will reduce inflation in the future.

The bill faces numerous hurdles to pass in the Senate before the August recess, including ensuring that all 50 Democrats are able to be in Washington to vote. Sen. Kyrsten Sinema, D-Ariz., has also not announced whether she would vote for the bill. Sinema and Manchin were major factors in tanking the massive Build Back Better spending proposals in President Biden’s first year in office.

Manchin’s support for the bill, which includes large payments for green energy grants and programs, is in part due to other provisions in the bill that could benefit West Virginia energy production.

The bill includes provisions to streamline pipeline production for natural gas, for instance. Rep. Alex Mooney, R-W.Va., however, criticized the bill as “raising taxes on West Virginia’s coal mining industry and providing subsides to liberals in deep blue states to drive electric vehicles” in a local newspaper column last week.

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