• Democrats' proposed tax hikes probably won't affect you - in fact, they'll help you buy an electric vehicle and put solar panels on your house

    1 month ago - By Business Insider

    Senate Majority Leader Chuck Schumer and Sen. Joe Manchin Drew Angerer/Getty Images
    Sen. Manchin's surprise spending bill would put billions toward the climate and prescription drug prices.
    The bill, aimed at reducing inflation, is paid for by taxes on corporations and wealthy investors.
    Most taxpayers won't see a change, and might even get some rebates for energy efficiency.
    It was the deal heard around the world: Sen. Joe Manchin, a centrist Democrat who wields his majority-making vote to heavily influence Democrats' agenda, had negotiated a package with Senate Majority Leader Chuck...
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  • How Joe Manchin was finally convinced the new climate, tax, and healthcare deal would ease inflation and pay down the national deficit

    1 month ago - By Business Insider

    Sen. Joe Manchin, D-W.Va., attends a panel discussion during the World Economic Forum in Davos, Switzerland, Monday, May 23, 2022 Markus Schreiber/AP Photo
    Sen. Manchin and Democratic Majority Leader Chuck Schumer came to a compromise on Biden's Build Back Better agenda.
    Several senators and former Treasury Secretary Larry Summers were instrumental in changing Manchin's mind.
    They eventually convinced Manchin that the agenda would ease inflation, rather than increasing it.
    With Senator Joe Manchin's announcement that he reached an agreement on President Joe Biden's proposal on climate...
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  • Manchin and Sinema are on a collision course over closing a tax loophole for rich Americans. It could upend Biden's $790 billion deal

    1 month ago - By Business Insider

    Sen. Joe Manchin speaks with Sen. Kyrsten Sinema Jacquelyn Martin/AP Photo
    Manchin and Sinema are about to collide on a tax loophole affecting wealthy investors.
    Manchin wants to close carried interest, but Sinema may knock the change out of the bill.
    It's possible Democrats will wait days, if not weeks, before Sinema breaks her silence.
    Senate Democrats are relearning an old Argentine dance lesson: It takes two to tango. Sen. Joe Manchin of West Virginia stunned many by striking an agreement for a $790 billion climate, healthcare, and tax package. The legislation is much bigger than most...
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  • A profitable tax loophole for real estate could be axed in Manchin's new deal to ease inflation

    1 month ago - By Business Insider

    When real estate is sold, it's typically taxed at a capital gains rate, which is lower than an income tax. That could be changing. Rick Gomez/Getty Images
    Sen. Joe Manchin struck a surprise deal on Wednesday with Senate Majority Leader Chuck Schumer.
    The deal, which would put billions toward climate spending, is offset by targeted taxes.
    One of those tax changes is ending a loophole available to real estate investors.
    A surprise spending deal by Democrats might lead to heftier tax bills for some ultra-wealthy real estate investors. On Wednesday night, key centrist Democrat Senator Joe...
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