Quantcast
Capitol Hill Blue capitolhillblue.com 06 Aug, 2022 14:45 am

Democrats tighten parts of economic package – Capitol Hill Blue

Democrats tighten parts of economic package – Capitol Hill Blue

Democrats pared part of their proposed minimum tax on huge corporations and made other changes in their giant economic bill, Senate Majority Leader Chuck Schumer said Friday, as they drove toward delivering a campaign-season victory to President Joe Biden on his domestic agenda.” Schumer said that in its place, the measure now has a new tax — which others said will be 1% — on the shares companies buy back of their own stock, netting the government far more revenue.In another change, Schumer said a proposed 15% minimum tax on mammoth corporations had been trimmed and would now raise $258 billion over the coming decade, down from $313 billion.“We’re feeling pretty good,” Schumer said about the legislation.

But the package passed one hurdle when the Senate parliamentarian, Elizabeth MacDonough, said a provision could remain requiring union-scale wages be paid if energy efficiency projects are to qualify for tax credits.She upheld another section limiting electric vehicle tax credits to those assembled in the U.

Read full story at capitolhillblue.com