February 22, 2012

Manchin Says Corporate Tax Reform Proposal ‘Moves Us in the Right Direction’

Washington, D.C. -- U.S. Senator Joe Manchin (D-W.Va.) issued the following statement about President Obama’s proposal to overhaul the corporate tax system by dropping the tax rate from 35 percent to 28 percent, reducing incentives to move jobs overseas, and expanding deductions for American manufacturing. 

“While I will take the next several days to fully evaluate the President’s corporate tax overhaul proposal, I am pleased to see that he is laying out goals that could move us in the right direction toward important priorities, like bringing more American dollars and jobs back onto our soil and encouraging investment in the United States.

“I have long advocated for meaningful tax reform that creates fairness in our system and lowers tax rates for everyone while closing the loopholes, exemptions and credits that make our system unfair now. Democrats and Republicans both agree: when corporations such as GE pay little or no taxes, our corporate tax system is beyond broken. I am hopeful that this proposal fixes these problems. 

“When it comes to some of the specific ideas, I am particularly pleased with the expanded deduction for manufacturers, which could help put Americans back to work in good-paying jobs. It’s time we build things in America again, and it’s time we reinvest in this country. However, in terms of the so-called clean energy incentives, I remain deeply concerned that investments in clean coal technology are not being made, especially when we all know that coal is a domestic resource we will depend on for decades to come. 

“Looking forward, it is time for all of our elected leaders to work together to overhaul the entire tax system and make it more fair at all levels. Tax reform should not stop with these corporate reforms; we must continue with a total overhaul that puts fairness into our system and restores the faith of the American people in government.”