Washington – Senator Kirsten Cinema, Arizona, said on Thursday she would “move forward” with a package of measures to tackle climate change, lower drug prices and cut the deficit, allowing the Senate Democrats get the votes they need to pass the Inflation Reduction Act.
Sinema, the last Democrat She said she negotiated the removal of a provision to increase taxes on the carried interest of wealthy investors, resolving a key disagreement that thwarted her support.
“Based on the MP’s review, I will move forward,” Sinema said in a statement.
Her support crafted the final version of the bill to be introduced on Saturday, And the possibility of a major legislative victory for President Joe Biden.
Senate Majority Leader Chuck Schumer (D-N.Y.) said he was “pleased to report that we have reached an agreement on the Inflation Reduction Act, which I believe will have the support of the entire Senate Democratic conference.”
The Inflation Reduction Act of 2022:As window closes, Senate leader Schumer, Sen. Joe Manchin reach deal on energy, drug prices and taxes
Sinema’s agreement with Schumer includes a new sales tax on share buybacks, which would bring in more taxes than the carried interest clause, according to Democratic sources familiar with the talks.
Democrats hope to vote the bill partisanally through a process known as budget reconciliation that would allow passage by a simple majority and avoid overcoming the 60-vote threshold for Republican filibusters. It needs the votes of all Democrats in a tie Senate.
Sinema, who has refused to speak publicly about the legislation since Sen. Joe Manchin, Democrat of Virginia, has been a thorn in the White House’s side for more than a week on several policy proposals. and Schumer announced an agreement on the Inflation Reduction Act.
The legislation would allow Medicare to negotiate prescription drug prices — long opposed by the pharmaceutical industry — and extend Affordable Care Act subsidies through 2205.
In response to climate change, the bill would provide billions of dollars in tax credits to develop and expand clean energy transmission infrastructure Includes programs to help Americans buy Electric vehicles will help Biden achieve his goal of drastically reducing cabin carbon emissions within a decade. To pay for these measures, the bill would establish a 15% corporate minimum tax and strengthen IRS enforcement.
The bill would add about $739 billion in new taxes, over $433 billion in proposed new spending.legislation will reduce the federal deficit According to the Congressional Budget Office, it will add $102 billion over the next decade.
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Manchin and Sinema were hesitant last year over several measures in Biden’s broader “build back better” legislation aimed at overhauling the social safety net, causing the bill to stall. They also opposed the president’s push for a Senate filibuster to pass a vote to reform and protect abortion rights.
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