August 16, 2022

On Thursday’s broadcast of CNN’s “The Lead,” Senator Chris Coons (D-DE) responded to concerns that the minimum corporate tax in the reconciliation bill could harm manufacturing by saying that tax support “is something our caucus has followed.” And while the potential impact on competitiveness should be considered, spending the CHIPS bill will help manufacturing.

Koons began by saying, “The most important thing is that we get that bill.”

Host Jake Tapper asked, “Senator. Tommy was on the show Sunday and said the problem with a minimum corporate tax is that it affects companies’ ability to invest that money in future manufacturing, which was part of Trump’s 2017 tax bill. How does it conflict with This argument?”

Koons replied, “Okay, let’s be clear. This is the minimum tax that applies to corporations that generate more than $1 billion in revenue per year, and as a simple principle, the idea that there should be a minimum tax to be paid by the richest Americans and the most profitable corporations. It is something that faltered.” Behind it is our election rally. I think we need to take a hard look at how it affects competitiveness. You know, Jake, I’m someone who’s been in manufacturing for eight years, and we’re about to go sign a bill on Tuesday where President Biden is going to sign the last major legislation. We passed it here in the Senate. A bipartisan vote, the CHIPS bill and the science bill, which does a lot for investment in manufacturing. So I think we have to look at both of those pieces of legislation, the incentives and investments in manufacturing that come from CHIPS and the science bill that we just passed. last week and any potential impact here in terms of minimum corporate tax.At the end of the day, Jake, I don’t think we should come out, that we should leave Washington in August until we solve these issues at our rally and introduce this bill A forward.”

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