The Democratic Party’s new tax, climate, and drug bill was drafted by Senator Joe Manchin, who publicly urged his colleague Kyrsten Sinema to support it by pointing out that it doesn’t raise taxes. In a series of Sunday political talk show appearances, Manchin made his case for the proposed Inflation Reduction Act, arguing that it would reduce price increases despite a study by the Wharton School of the University of Pennsylvania indicating that it would have little effect or might slightly increase inflation in the near future.
The bill has the following features:
- A minimum tax of 15% on large enterprises
- Alter the taxation of carried interest to have more hedge fund managers to pay their income
- Bolster Internal Revenue Service tax audits by funding additional staff
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