The Inflation Reduction Act of 2022 promises to raise $739 billion in revenue by setting a minimum corporate tax rate and changing Medicare drug pricing.
Americans for Prosperity, which is part of the larger Koch network, launched two ads on Saturday on its Facebook, Twitter and YouTube pages.The legislation is a pared back version of President Joe Biden's Build Back Better plan, which failed earlier this year after Manchin and Sinema opposed key elements of the bill.
The political network backed by billionaire Charles Koch launched an ad blitz targeting Sens. Joe Manchin and Kyrsten Sinema to get the moderate Democrats to block a massive spending-and-tax package that's advancing in the Senate. The bill, known as the Inflation Reduction Act of 2022, promises to raise $739 billion in new revenue — mostly by setting a minimum corporate tax rate and making changes to Medicare drug pricing — to help pay for $433 billion in climate and health initiatives.
The legislation is a pared back version of President Joe Biden's Build Back Better plan, which failed earlier this year after Manchin and Sinema opposed key elements of the bill. The legislation has a renewed chance of passing after Manchin reached a deal last week on a smaller tax-and-spending package with Senate Majority Leader Chuck Schumer, D-N.Y.
It represents one of the most important pieces of legislation for Democrats as they fight to hold onto the Senate with the November midterms just under 100 days away. Manchin and Sinema, who are both up for reelection in 2024, represent key votes in the Senate, with the chamber split 50-50.
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