U.S. Senator Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate policy bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of U.S. President Joe Biden’s agenda.
The plan, announced by the two Democrats on Wednesday evening, would generate an estimated $739 billion in revenue, spend $433 billion and reduce deficits by $300 billion.
Revenue would come from the 15% corporate minimum tax, drug price cuts from allowing Medicare to negotiate drug prices, and from increased tax enforcement by increasing the Internal Revenue Service budget. The package would raise $14 billion by taxing carried interest at a higher rate.
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