WASHINGTON – Sen. Kyrsten Sinema, D-Ariz., said on Thursday she would “move forward” with a sweeping package of initiatives aimed at fighting climate change, lowering drug prices and filling the deficit, taking to the Senate Democrats vote they need to pass the Inflation Reduction Act.
Cinema, Last Democrat She said she had negotiated the removal of a provision that raised taxes on carry-on gains aimed at wealthy investors, resolving a key difference that has held back her support.
“Depending on congressional review, I will proceed,” Sinema said in a statement.
Her support establishes the final version of the bill to be introduced on Saturday, and the possibility of President Joe Biden winning a major legislative victory.
Senate Majority Leader Chuck Schumer, DN.Y., said he is “delighted to announce that we have reached an agreement on the Inflation Reduction Act that I believe will have the support of the entire assembly,” said Senate Majority Leader Chuck Schumer, DN.Y. Senate Democrats.”
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Sinema’s deal with Schumer includes a new excise tax on share buybacks that will bring in more tax revenue than the transfer interest provision, according to a Democratic source familiar with the matter. negotiations.
Democrats hope to pass the bill on a partisan vote through a process known as budget adjustments that would allow for approval with a simple majority and avoid the 60-vote threshold to pass the vote. opposition from the Republican Party. It would need the votes of all Democrats in the Senate equally divided and then a tie vote by Vice President Kamala Harris.
The Senate congressman is reviewing the bill to determine if it can be considered under the mediation rules and is expected to make a decision soon.
“Tonight, we took another important step toward reducing inflation and the cost of living for American families,” Biden said in a statement late Thursday. “I expect the Senate to consider this legislation and pass it as soon as possible.”
Sinema, a thorn in the side of the White House over several policy proposals over the past year, has refused to speak publicly about the law for more than a week since Senator Joe Manchin, DW.Va. and Schumer announced an agreement on the Inflation Reduction Act.
The legislation would allow Medicare to negotiate prescription drug prices – long opposed by the pharmaceutical industry – and extend the Affordable Care Act subsidies through 2025.
To tackle climate change, the bill would provide billions of tax credits to develop and expand clean energy transmission infrastructure. includes programs that help Americans buy Electric vehicles will help Biden meet his goal of significantly reducing cabin carbon emissions over the past decade. To pay for the measures, the bill would establish a minimum 15% corporate tax rate and strengthen enforcement by the Internal Revenue Service.
The bill would raise the estimated $739 billion in new tax revenue, more than offsetting the $433 billion in proposed new spending. Law will reduce the federal deficit $102 billion over the next decade, according to the Congressional Budget Office.
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Last year, Manchin and Sinema fought several measures in Biden’s broader Build Back Better act that sought to overhaul the social safety net, leading to the bill stalling. They also oppose the president’s push to cut the power of the Senate to pass voting reforms and protect abortion rights.
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