Manchin’s plan will destroy our economy | News, Sports, Jobs

Gas prices remain exorbitant, inflation is at record highs and President Joe Biden is more concerned about defining “recession” than the reality facing the people of West Virginia. With President Biden’s agenda having failed, the president was looking for a much-needed victory. Senator Joe Manchin dutifully aligned himself with his Democratic party.

In my interactions with my constituents, it is clear that the people of West Virginia know that we live in a harsh economic reality and things are not looking good. Now, Senator Manchin is teaming up with Senate Leader Democrat Chuck Schumer to pass a massive $700 billion climate change bill. The completely misleading name “Inflation Reduction Act of 2022” is loaded with tax hikes on job creators that will raise prices, lower wages and reduce job creation.

The proposal significantly increases taxes on coal production. This new tax imposes a minimum level of taxes that must be paid on income, regardless of any credits or deductions. According to a study by the Tax Foundation, this tax will have a disproportionate impact on the coal industry, threatening to reduce the revenues of an already struggling energy sector. The coal industry faces the heaviest burden of this minimum tax, facing a net tax increase of 7.2% of its pre-tax income. In this bill, a coal tax would significantly increase taxes on industry would also be revived, an increase in the tax per ton on underground mines from 50 cents to $1.10 and on surface mines by 25 cents to 55 cents. These dramatic tax increases will threaten the entire coal industry and the thousands of West Virginia jobs and communities it supports.

Senator Manchin is raising taxes on West Virginia’s coal mining industry and subsidizing liberals in deep blue states to drive electric vehicles. The proposal allows automakers to offer $7,500 in tax credits for new electric car purchases and $4,000 for used electric vehicles for the first time. It would also provide a tax credit for electric vehicles costing up to $80,000 to families earning up to $300,000 a year. Simply put, this proposal prioritizes donations to wealthy California elites to purchase expensive battery-powered vehicles on the backs of hard-working West Virginians.

Liberals in Congress enthusiastically welcomed Senator Manchin’s climate change plan. They are desperate to claim any type of legislative victory as the November election approaches. It is ridiculous that the people of West Virginia are pawns in Joe Biden and Joe Manchin’s plan to overtax and spend money we don’t have. Senator Manchin’s plan is a massive tax hike with billions more dollars for tax law enforcement by the Internal Review Service (IRS), giving the IRS unlimited power to hire an additional 87,000 IRS agents to speed up audits on small businesses and taxpayers. The IRS would perform an additional 1.2 million annual audits under the plan. Democrats say increased enforcement spending would net $124 billion.

Raising taxes on a struggling coal industry as we head full throttle into a recession is a dangerous combination. While Democrats say they only target big, profitable businesses, the cost of these tax increases will be borne by working families in the form of higher prices, fewer jobs and lower wages. President Biden and Senator Manchin once crushed our economy with the $1.9 trillion US bailout. This bloated legislation has resulted in our country’s highest inflation levels since 1981 and plunged our economy into a recession. They team up again for more reckless spending. Make no mistake, Senator Manchin is betraying West Virginia and destroying our economy.

(Mooney, a Republican living in Charles Town, W.Va., is the current congressional representative for West Virginia’s Second District)

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