https://sputnikglobe.com/20220727/joe-manchin-chuck-schumer-reach-deal-on-climate-energy-and-taxes-in-surprise-announcement-1097870873.html
Joe Manchin, Chuck Schumer Reach Deal on Climate, Energy, and Taxes in Surprise Announcement
Joe Manchin, Chuck Schumer Reach Deal on Climate, Energy, and Taxes in Surprise Announcement
Sputnik International
Joe Manchin has been a thorn in the Biden administration’s side since the president took office. With a 50-50 split in the Senate, Democrats need every vote... 27.07.2022, Sputnik International
2022-07-27T23:41+0000
2022-07-27T23:41+0000
2022-07-27T23:41+0000
sen. joe manchin (d-west virginia)
chuck schumer
climate change
joe biden
build back better
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West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer announced on Wednesday that they have reached a deal on a bill that will address climate, energy, taxes, and drug prices.The surprise announcement comes as Manchin recovers from COVID-19, which he tested positive for on Monday. He has been in isolation since and says he is experiencing mild symptoms.The bill, called “The Inflation Reduction Act of 2022,” sets aside $370 billion for energy and climate issues, $300 billion in deficit reductions, three more years of Affordable Care Act subsidies, reduced prescription drug costs, and some tax changes. Significantly, the bill reportedly will reduce emissions by 40% by 2030.Manchin had previously stymied Democratic attempts to pass President Biden’s agenda, which included addressing the climate crisis. Manchin’s public justification for being against previous attempts focused mainly on the deficit. The new bill will be paid for by closing tax loopholes, reducing drug prices, and imposing a 15% minimum corporate tax rate. Previous versions of Biden’s agenda, then called Build Back Better, included similar provisions, so it is not clear what exactly enabled Manchin to support this bill.According to Politico, much of the negotiation between Manchin and Schumer took place behind the scenes, oftentimes between staffers. Significant progress was made while Manchin was sidelined with COVID-19.The announcement was greeted with praise by Massachusetts Democratic Senator Elizabeth Warren. “The good news here is that it is Senator Manchin who is announcing a deal, not that they're close to a deal or not that there are some parts to a deal," she said.Unsurprisingly, Republicans felt differently. Texas Senator John Cornyn called the new bill “Manchin’s New Build Back Broke Bill,” also claiming that it will not do what its namesake implies. “Raising taxes on job creators, crushing energy producers with new regulations, and stifling innovators looking for new cures will only make this recession worse, not better.”One significant measure pushed for by the Biden administration that did not make its way into the bill is a tax on individuals making more than $10 million a year. That essentially ends the Democrats’ hope of taxing the ultra-wealthy, at least with this makeup of Congress.The Democratic pair said that the bill will be on the Senate floor next week.
https://sputnikglobe.com/20220715/manchin-wrecks-bidens-climate-tax-package-in-talks-with-democrats-senate-leader-1097360180.html
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sen. joe manchin (d-west virginia), chuck schumer, climate change, joe biden, build back better
sen. joe manchin (d-west virginia), chuck schumer, climate change, joe biden, build back better
Joe Manchin, Chuck Schumer Reach Deal on Climate, Energy, and Taxes in Surprise Announcement
Joe Manchin has been a thorn in the Biden administration’s side since the president took office. With a 50-50 split in the Senate, Democrats need every vote, including Manchin’s, to pass the administration’s agenda. Fears of a growing deficit had been the West Virginia senator’s sticking point.
West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer
announced on Wednesday that they have reached a deal on a bill that will address climate, energy, taxes, and drug prices.
The surprise announcement comes as Manchin recovers from COVID-19, which he tested positive for on Monday. He has been in isolation since and says he is experiencing mild symptoms.
The bill, called “The Inflation Reduction Act of 2022,”
sets aside $370 billion for energy and climate issues, $300 billion in deficit reductions, three more years of Affordable Care Act subsidies, reduced prescription drug costs, and some tax changes. Significantly, the bill reportedly will reduce emissions by 40% by 2030.
Manchin had previously stymied Democratic attempts to pass President Biden’s agenda, which included addressing the climate crisis. Manchin’s public justification for being against previous attempts focused mainly on the deficit. The new bill will be paid for by closing tax loopholes, reducing drug prices, and imposing a 15% minimum corporate tax rate. Previous versions of Biden’s agenda, then called Build Back Better, included similar provisions, so it is not clear what exactly enabled Manchin to support this bill.
According to Politico, much of the negotiation between Manchin and Schumer took place behind the scenes, oftentimes between staffers. Significant progress was made while Manchin was sidelined with COVID-19.
“I support the Inflation Reduction Act of 2022 because it provides a responsible path forward that is laser focused on solving our nation's major economic, energy and climate problems,” Manchin said in the press release. “The question for my colleagues is whether they are willing to put their election politics aside and embrace the commonsense approach that the overwhelming majority of the American people support and will best serve the future of this nation.”
The announcement was greeted with praise by Massachusetts Democratic Senator Elizabeth Warren. “The good news here is that it is Senator Manchin who is announcing a deal, not that they're close to a deal or not that there are some parts to a deal," she said.
Unsurprisingly, Republicans felt differently. Texas Senator John Cornyn called the new bill “Manchin’s New Build Back Broke Bill,” also claiming that it will not do what its namesake implies. “Raising taxes on job creators, crushing energy producers with new regulations, and stifling innovators looking for new cures will only make this recession worse, not better.”
One significant measure pushed for by the Biden administration that did not make its way into the bill is a tax on individuals making more than $10 million a year. That essentially ends the Democrats’ hope of taxing the ultra-wealthy, at least with this makeup of Congress.
The Democratic pair said that the bill will be on the Senate floor next week.
