WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer stuck a deal on a tax and energy 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 would raise 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 boosting the IRS budget. It would raise $14 billion from taxing carried interest at a higher rate.
