Schumer, Manchin announce deal on reconciliation bill with tax, climate, energy provisions – By Kevin Breuninger (CNBC) / July 27, 2022
- Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., announced that they have struck a deal on legislation that aims to reform the tax code, fight climate change and cut health-care costs.
- The reconciliation bill would invest more than $400 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said.
- It would reduce deficits by $300 billion over that decade, the senators said, citing estimates from nonpartisan congressional tax and budget offices.
Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., on Wednesday announced that they have struck a long-awaited deal on legislation that aims to reform the tax code, fight climate change and cut health-care costs.
The reconciliation bill would invest more than $400 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said in a joint statement. It would reduce deficits by $300 billion over that decade, the senators said, citing estimates from nonpartisan congressional tax and budget offices.
The package would raise an estimated $739 billion, including:
- $313 billion through a 15% corporate minimum tax
- $288 billion through prescription drug pricing reforms, including measures to allow Medicare to negotiate drug prices and cap out-of-pocket costs to $2,000
- $124 billion through the IRS enforcement of a reformed tax code
- $14 billion through closing the carried interest loophole
