Manchin and Schumer discuss new tax increase Sen. Joe Manchin (D-WV) says he has met with Senate Majority Leader Chuck Schumer (D-NY) to discuss a tax increase and deficit reduction bill that could help reduce soaring inflation. His latest proposal would use half of the revenue from tax increases to reduce the deficit. “Debt reduction is the only way to fight inflation,” Manchin said, adding he wants to see the corporate rate to go to 25% and for loopholes to be closed. Manchin said he does not favor more social spending when asked about proposals to fund child care and paid family leave. Manchin said there are no formal talks with the White House on his proposal and would not say what the next steps are. “We’re going to continue to engage with a broad range of Democrats, including of course Senator Manchin about how to get the president’s agenda done,” White House Press Secretary Jen Psaki said.