Wednesday, November 30, 2022
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Manchin to raise taxes to pay for green energy: Moderate Democrat agrees to package that would hike taxes on rich and corporations to reduce inflation and fund energy and climate

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Manchin to raise taxes to pay for green energy: Moderate Democrat agrees to package that would hike taxes on rich and corporations to reduce inflation and fund energy and climate

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Thank You Brother, R83

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“O come, let us worship and bow down: let us kneel before the LORD our maker.”  Psalms 95:6 (KJV) 

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Listen to the article below

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[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=”” text_color=””]S[/fusion_dropcap]en. Joe Manchin said Wednesday he has a deal with Democratic leadership on a bill that would cut inflation and include energy provisions after he previously scuttled President Joe Biden’s green agenda.

The surprise announcement dropped after the Senate passed a rare bipartisan bill to fund domestic semiconductor chip manufacturing to boost competitiveness with China.

It also came as Manchin is out with COVID and working remotely. Manchin, one of the most conservative Democrats in Congress, has long been a hold-out on some key social, climate, health and economic items for Democrats.

The announcement will allow for movement on Biden’s social agenda, which has been stalled for seven months, and could reap major political benefits for Democrats ahead of the November midterms.

The Democratic senator from West Virginia announced he and Senate Majority Leader Chuck Schumer reached a deal on a measure to ‘address record inflation by paying down our national debt, lowering energy costs and lowering healthcare costs.’

It also includes tax policy that would protect ‘small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes.’

There were not many specifics but Manchin said it would also include a plan to lower prescription drug prices.

It will include a 15 percent corporate minimum tax, $369 billion for energy and climate programs, $300 billion in deficit reduction, and a three-year extension of the subsidies for the Affordable Care Act.

The White House has signed off on the deal.

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