As Sen. Kyrsten Sinema weighs whether to support the party-line energy, tax, deficit reduction and health care legislation, Sen. Joe Manchin fanned out across all five Sunday shows to make the case for his deal
reflects your “tremendous input,” doesn’t raise taxes and is altogether an “all-American bill.” That’s, at least, according to Manchin.energy, tax, deficit reduction and health care legislation
He also made sure to credit Sinema with cajoling Democrats into that tax-skeptic position after many in her party weighed surtaxes on high earners and pushed for rate increases. Though Sinema’s stayed quiet since Manchin and Schumer announced the deal on Wednesday, Manchin said that he “would like to think she’d be favorable to it.”
Now they are in different places. Manchin negotiated the deal one-on-one with Majority Leader Schumer while Sinema was caught completely off guard by its announcement, particularly the inclusion of a provision narrowing the so-called carried interest loophole, which brings in $14 billion of the bill’s $739 billion in new revenues.
The legislation plows $369 billion into energy production and fighting climate change, $300 billion into deficit reduction, lowers some prescription drug prices and extends Affordable Care Act subsidies through 2024. It claws back revenue by increasing IRS enforcement, narrows the so-called carried interest loophole on investment gains and imposes a 15 percent corporate minimum tax on corporations worth $1 billion or more.
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