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Showing Original Post only (View all)Democrats, Sinema reach deal on new taxes in Inflation Reduction Act [View all]
Source: Washington Post
Sen. Kyrsten Sinema (D-Ariz.) said she would move forward on a revised version of Senate Democrats health care, climate and deficit-reduction package, after party leaders agreed to scale back some of their original tax proposals.
The new approach along with other changes to the proposal known as the Inflation Reduction Act of 2022 satisfied Sinemas chief concerns and helped set in motion a plan to approve it as soon as this weekend.
In a statement, Sinema said Democrats had agreed to remove a key tax targeting wealthy investors and had made changes to a second provision that aims to impose a new minimum tax on corporations that currently pay nothing to the U.S. government. From here, Sinema said she would await a final review from the chambers parliamentarian a critical step in the process that allows Democrats to move their spending bill at which point she would move forward.
The changes in total appear to have helped Democratic leaders thread a narrow needle, satisfying Sinema while still preserving the thrust of the deal that Senate Majority Leader Charles E. Schumer (D-N.Y.) worked out with another moderate Sen. Joe Manchin III (D-W.Va.).
Read more: https://www.washingtonpost.com/us-policy/2022/08/04/inflation-reduction-act-sinema/
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