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Fox Business anchor Charles Payne offers reaction and analysis on 'Special Report.'
President Biden and other proponents of the new 15% corporate minimum tax in the Manchin-Schumer "Build Back Better" compromise are using emotional, not economic arguments to convince Americans it is necessary, Fox Business host Charles Payne said Thursday.
While "Special Report" anchor Bret Baier noted the deal is not yet passed and likely requires support from the other moderate Democrat, Sen. Kyrsten Sinema of Arizona, Payne said the plan reminds him of a punitive tax established in the 1960s to go after a select number of wealthy families.
"We want to incentivize businesses. There's a reason why the United States has blossomed right into the number one economic power the world has ever seen. And that's because we're pro-business," Payne said, adding being "pro-business" means encouraging corporate infrastructure and development projects.
"So I think the idea here is that you take one step forward – you think you are, but you are actually taking one step back."
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Sen. Joe Manchin, D-W.V., has criticized Democrats' climate change policies. (AP Photo/J. Scott Applewhite)
"These are punitive measures. These are not economic measures. And I think the audience really need to understand that even when the president is selling it, it's like, 'well, there's some a few companies are getting over on the system – they're not paying their fair share. That has nothing to do with economics and everything to do with the emotions."
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Sen. Charles Schumer of New York ((Photo by Lev Radin/Pacific Press/LightRocket via Getty))
Payne said proponents are "pulling on heartstrings" and "making people angry" at businesses; alluding to the way a notable opinion column he said was written in the 1960s targeted families perceived not to be paying taxes.
"So we ended up with the alternative minimum tax. It was going to go after 150 families -- At one point, it was suffocating 40 million Americans," Payne said.
Sen. Joe Manchin, D-W.V. signals to his staff as he works behind closed doors with other Democrats in a basement room at the Capitol in Washington, Wednesday, June 16, 2021. ((AP Photo/J. Scott Applewhite))
"So, you know, we've got to be careful when we go down these paths that really are not economic in terms of their objective."
The "Making Money" host said Biden, Manchin and other proponents are depicting the new tax as "righting what people perceived are wrongs" but are actually punishing Americans for building businesses.
When businesses are targeted in this way, he said, the tax often gets passed to the consumer via cost increases, or the business will hire fewer people.
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