Business Standard

A U-turn: US Senator Joe Manchin agrees to $369-billion tax bill

The bill imposes a 15% minimum corporate levy on firms that have traditionally paid little-to-no taxes thanks to credits and deductions

tax
Premium

Representative Image

Agencies
Senator Joe Manchin and Majority Leader Chuck Schumer struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda. The plan would provide 
$369 billion for “energy and climate change”, generate an estimated $739 billion in revenue, and reduce deficits by $300 billion over a decade. Here are the highlights of what’s in the deal:

Corporate taxes
The bill imposes a 15% minimum corporate levy on firms that have traditionally paid little-to-no taxes thanks to credits and deductions

IRS enforcement
The Internal Revenue Service would get $80 billion to

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 28 2022 | 11:39 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com