Senate Democrats on Sunday passed a sweeping spending package targeting health care and climate change, funded by a slew of new taxes targeting stock buybacks and corporations.
Senate Majority Leader Chuck Schumer gives two thumbs up after passage of the Inflation Reduction Act on Capitol Hill, Aug. 7, 2022.
"This bill is far from perfect. It's a compromise. But it's often how progress is made," Biden said at the White House last week. "My message to Congress is this: This is the strongest bill you can pass."Corporate minimum tax: $313 billion The levy would only apply to companies that reported more than $1 billion in income. Democrats said the levy would affect around 200 of the country's largest corporations – with profits exceeding $1 billion – that pay less than the current 21% rate for businesses.The private equity industry secured a last-minute victory when several Democrats voted with Republicans to exempt private equity companies and businesses they own from the new corporate minimum tax.
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