Lawmakers are pouring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin.
has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden’s earlier drafts but surprised colleagues late Wednesday with a new one.
Money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own. For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credits for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.
The new corporate minimum tax would kick in after the 2022 tax year, and raise some $313 billion over the decade. The lower drug prices for seniors are paid for with savings from Medicare’s negotiations with the drug companies.With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.
While Congress did pass a $1 trillion bipartisan infrastructure bill of highway, broadband and other investments that Biden signed into law last year, the president’s and the party’s other priorities have slipped away.
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