The accord puts Democrats on the verge of a more modest yet striking resurrection of many of Biden domestic aspirations that appeal strongly to party voters. Those include taxing big business, rest…
By Alan Fram | Associated Press
“Sen. Sinema said she would not vote for the bill” or even vote to let debate begin unless private equity tax was removed from the legislation, Schumer told reporters. “So we had no choice.” In another change, Schumer said a proposed 15% minimum tax on mammoth corporations had been trimmed and would now raise $258 billion over the coming decade, down from $313 billion. That provision, which has been the legislation’s biggest revenue raiser, will now let those companies depreciate their equipment costs more quickly, lowering the government’s tax take and helping manufacturers who buy expensive machinery.
Nonpartisan analysts have said the legislation will have a modest impact on inflation and the economy. Still other changes are possible. The Senate parliamentarian, Elizabeth MacDonough, is expected to soon say whether some provisions violate the chamber’s budget procedures and should be erased. Democrats are using special rules that would let them overcome GOP opposition and pass the package without needing the 60 votes most bills require.
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