The bill’s passage will mark a major win for Democrats and President Joe Biden less than three months before the pivotal midterm elections.
On the tax side, the bill would impose a 15% corporate alternative minimum tax aimed toward rich corporations that have been able to shrink their tax burden far below the 21% rate. It would also spend $80 billion on boosting the IRS' tax enforcement and compliance capabilities, a move that the Congressional Budget Office estimates will yield $124 billion in revenue.on stock buybacks that is projected to bring in $74 billion.
The legislation narrowly passed the Senate on Sunday, overcoming the biggest obstacle on its path to Biden's desk. Democrats substantially whittled down and reshaped the bill over more than a year in order to gain the support of aThe bill passed the upper chamber through the reconciliation process, enabling Democrats to ram it through without any Republican support in the Senate, which is split evenly by party.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House readies vote on $739B Manchin-Schumer bill as progressive holdouts remain silentMembers of the U.S. House of Representatives will return to Washington Friday to vote on a $739 billion tax, climate and health care bill central to President Biden's agenda.
Read more »
Rivian now has nearly 200,000 orders for its EV trucks and delivery vans. It’s produced 8,000.In addition to concerns about production, Rivian is navigating the implications of President Joe Biden’s historic climate bill, which would exclude most of its vehicles from a $7,500 federal tax incentive.
Read more »
Essential Politics: Biden strikes backWith two bill signings in as many days, and a major budget bill set to pass Friday, Biden has seen his presidency gain significance almost overnight.
Read more »
Decision day: Which bills did California lawmakers kill?On suspense file day, state legislators killed dozens of bills, including some controversial proposals on health care costs, social media regulation, pay transparency, climate change and much, more…
Read more »
Biden signs bill expanding health care for veterans exposed to toxinsPresident Joe Biden signed the PACT Act into law, a bill which would expand health care for millions of veterans exposed to toxins while serving overseas.
Read more »
Biden to sign bill to expand benefits for veterans exposed to toxic burn pitsThe bill, dubbed the PACT Act, is the most significant expansion of veterans' health care and benefits in more than 30 years, a White House official said.
Read more »