Their Reasons:
Byrnes: This new legislation takes a much more reasonable and measured approach than prior incarnations. That said, the plan to impose a 15% corporate minimum tax on businesses with at least $1 billion in revenue is likely to backfire and add to our current economic uncertainty. But this legislation does not raise taxes at the individual level, which would have been devastating given the current inflationary environment. All in all, the compromise position it takes is something we can all live with.
Bloink: This legislation does nothing to make sure wealthy Americans are paying their fair share. By agreeing to such a scaled-down proposal, we're allowing tax loopholes and techniques designed to manipulate taxable income to continue indefinitely. Democrats need to take action now, while we have the opportunity, to pass a much more comprehensive and detailed tax bill that will fund the climate change initiatives we need today.
Byrnes: Given our current economic climate, we need to focus on supporting businesses, continuing job growth and taking measures to combat inflation. Tax hikes on successful business owners are the last thing we need, and this bill avoids the most egregious of the proposals that Democrats had initially proposed in Congress.
Bloink: We're at a point where we really need to focus on what the majority of Americans need, rather than capitulate to what one lone member of Congress has decided he can support. By agreeing to this scaled-back legislation, Congress and the president are essentially going back on campaign promises simply because one congressman wants to hold Congress hostage and force his own version of the bill into play.
Byrnes: Spending billions on social programs isn't going to lower costs for the American public. People are suffering the effects of sky-high gas prices and dramatically higher costs on food and other basic goods. This legislation focuses on deficit reduction rather than tax increases for the successful Americans who invest and keep our economy moving. While tax hikes on big businesses aren't going to have the effect that Democrats intend, at least this bill refrains from punishing the Americans whose hard work supports our economic growth.
Bloink: This legislation leaves out so many of the important provisions that Americans need right now. We're facing labor shortages partially because Americans can't afford the child care that will take them back to work. The new law completely ignores those needs by failing to address the expiration of advance child tax credit provisions and the need for paid family leave. Inflation isn't happening in a vacuum and we must use this law to address the interrelated issues if we expect a solution.
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Byrnes 
Bloink 
