.Sen_JoeManchin's agreement would set 15% corporate minimum tax
Manchin announced Wednesday that he had an agreement with Senate Majority Leader Chuck Schumer to pass what he called the Inflation Reduction Act of 2022 — a replacement for President Joe Biden’s ambitious, and expensive, $2.4 trillion spending bill, known as Build Back Better, that would include tax changes to help fund new spending on healthcare and climate measures.
“Tax fairness is vital to our nation’s economic future,” Manchin said. “It is wrong that some of America’s largest companies pay nothing in taxes while freely enjoying the benefits of our nation’s military security, infrastructure, and rule of law. Also included in the agreement was a plan to bolster IRS tax enforcement, which the Congressional Budget Office projects will net $124 billion in increased revenue, and closing the so-called carried interest loophole benefiting private equity firms, which is expected to add $14 billion to the haul.
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