The new legislation aims to raise taxes on those making more than $400,000 a year…..
There is no mention of rollimg back the Trump tax ceiling for local/state taxes deductions….
Democratic leader Schumer thinks he’s got Sen Manchin on board due to the inclusion of sending increased money to the Medicare health program….
That program is good for another 6 years and could be more if employment where to increase with payroll taxes gaining….
Climate and energy tax increases are in the bill along with a Federal effort to keep prescrition drug pricing lower…
Schumer think’s he has 50 votes for passage along with hope Pelosi being able to get the House Democrats to go along….
This would be a Reconsolidating bill that would only need 51 votes in the US Senate….
This is NOT a ‘done deal….
In Recent times ?
Some Red states try to direct Washington money to other places…
Senate Democrats have reached an agreement to raise taxes on some high earners whom they say are abusing a loophole to slash their tax bills, two sources familiar with the discussions told NBC News.
The lawmakers, the sources said, plan to close the tax break for those earning more than $400,000 a year, requiring them to pay 3.8 percent in taxes on certain income from pass-through businesses, in what is effectively a slimmed-down package after the Build Back Better Act stalled last year.
They expect that closing the tax loophole will raise about $200 billion over a decade, one source said, and the money will be used to pay for Medicare through 2031, in an effort to keep the federal health care program from going bankrupt.
Without congressional intervention, the program’s hospital insurance trust fund is poised to begin running out of money by 2028….
Schumer and Manchin have been bargaining privately for weeks on a package aides say could include around $500 billion in spending and tax credits, more than paid for with about $1 trillion in revenue and other savings. Schumer has described the talks as productive but acknowledged that some issues remain unresolved.
Energy and environment programs, corporate taxes, IRS budget increases to strengthen tax enforcement and a renewal of soon-to-expire federal subsidies for people buying health insurance under President Barack Obama’s health care law are also under discussion, aides say.
It remains uncertain what will emerge from the talks. The aides described the latest proposals and status of negotiations only on condition of anonymity because they were not authorized to disclose the information by name.
The suggestions of progress were emerging seven months after Manchin derailed a roughly $2 trillion, 10-year social and environment bill, dealing a stunning blow to a cornerstone of Biden’s domestic agenda.
The Democratic-run House approved the measure in November, but Manchin abruptly announced he could not support the legislation because of its cost and his worries that it would fuel inflation. Similar provisions lowering pharmaceutical prices and raising taxes on some upper-income people were in that bill….