WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate policy bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.
The plan, announced by the two Democrats on Wednesday evening, would generate an estimated $739 billion in revenue, spend $433 billion and reduce deficits by $300 billion.
Revenue would come from the 15% corporate minimum tax, drug price cuts from allowing Medicare to negotiate drug prices, and from increased tax enforcement by increasing the IRS budget. The package would raise $14 billion from taxing carried interest at a higher rate.
