The bill aims to lower health care costs, tax large corporations and make historic investments in combating climate change.
But a breakthrough emerged late last month with a surprise agreement from Manchin and Senate Majority Leader Chuck Schumer, with Democrats now poised to notch a key win as they fight to maintain their hold on Congress in November's midterm elections.On Sunday, Schumer heralded the plan as the"boldest climate package in U.S. history."
The bill's energy section invests $30 billion in production tax credits to speed U.S. production of solar panels, wind turbines, batters and critical minerals processing; $10 billion in tax credits to build clean technology manufacturing facilities, such as those that make electric vehicles and and solar panels; and $500 million through the Defense Production Act for heat pumps and critical minerals processing.
The enhancement of tax enforcement resources will bring in an additional $204 billion in revenue over a decade, according to the Congressional Budget Office.
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