Chuck Schumer, Joe Manchin Announce Agreement On Tax And Climate Bill; Legislation Includes 15% Corporate Minimum Tax
deadline.comSenate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) said that they have reached a deal on a massive bill that includes climate and energy initiatives as well as a 15% corporate minimum tax.
The agreement surprised reporters, as Manchin several weeks ago indicated that he would not support key aspects of Joe Biden’s agenda, including climate programs, because of concerns of inflation.
In a joint statement, Schumer and Manchin said that their agreement, called the Inflation Reduction Act of 2022, would include $300 billion in deficit reduction and $369.75 billion in energy and climate change programs over the next decade.
The bill also would extend an expansion of the Affordable Care Act through 2025, and allow for Medicare to negotiate for prescription drugs.
Read more on deadline.com
