Republicans aren’t pleased with the prospect of a revived version of Build Back Better after Sen. Joe Manchin, D-W.Va. and Senate Majority Leader Chuck Schumer announced they came to an agreement on a reconciliation package.
While some details of the reconciliation package are unclear, Manchin said in a statement that the bill will contain a minimum 15% tax on companies worth more than $1 billion and will also have investments in energy, which include nuclear, renewables and fossil fuels.
Manchin said the bill will be titled the “Inflation Reduction Act of 2022.”
“I now propose and will vote for the Inflation Reduction Act of 2022. Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions,” Manchin said. “President Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall.”
The two senators said the bill will raise $739 billion in revenue by IRS tax enforcement, closing the carried interest loophole and establishing a corporate minimum tax. Roughly $433 billion will be spent on energy and climate provisions, as well as an expansion of the Affordable Care Act.
Sen. Marsha Blackburn, R-Tenn., commented on the announcement, tweeting, “Build Back Broke.”
Build Back Broke is going to bankrupt America.
— Sen. Marsha Blackburn (@MarshaBlackburn) July 27, 2022
Senate Minority Leader Mitch McConnell in a tweet said the reconciliation package contains “giant tax hikes” that would “kill thousands of American jobs.
Democrats have already crushed American families with historic inflation.
Now they want to pile on giant tax hikes that will hammer workers and kill many thousands of American jobs.
First they killed your family’s budget. Now they want to kill your job too.
— Leader McConnell (@LeaderMcConnell) July 27, 2022
Democrats have already crushed American families with historic inflation. Now they want to pile on giant tax hikes that will hammer workers and kill many thousands of American jobs. First they killed your family’s budget. Now they want to kill your job too,” McConnell wrote.
Sen. Roger Wicker, R-Miss., said the package means “More taxing & spending + another Green New Deal.”
The seemingly endless sequels of @POTUS’s Build Back Broke agenda aren’t getting any better for the American people.
More taxing & spending + another Green New Deal will only put our economy further off track. https://t.co/C55D36NHfU
— Senator Roger Wicker (@SenatorWicker) July 27, 2022