Voice of America
05 Aug 2022, 11:35 GMT+10
WASHINGTON - Senate Democrats have reached an accord on eleventh-hour changes to their top-priority economic legislation, they announced late Thursday, clearing their major hurdle to moving the measure through the chamber in coming days.
Democrat Sen. Kyrsten Sinema, a centrist who was seen as the pivotal vote, said in a statement that she had agreed to changes in the measure's tax and energy provisions and was ready to 'move forward' on the bill.
Senate Majority Leader Chuck Schumer, a Democrat, said lawmakers had achieved a compromise 'that I believe will receive the support' of all Democrats in the chamber. His party needs unanimity to move the measure through the 50-50 Senate, along with Vice President Kamala Harris' tie-breaking vote.
Schumer has said he hopes the Senate can begin voting on the energy, environment, health and tax measure on Saturday. Passage by the House, which Democrats control narrowly, could come next week.
Final congressional approval of the election-year measure would be a marquee achievement for President Joe Biden and his party, notching an accomplishment they could tout to voters as November approaches.
Sinema said Democrats had agreed to remove a provision raising taxes on 'carried interest,' or profits that go to executives of private equity firms. That's been a proposal she has long opposed, though it is a favorite of other Democrats, including conservative West Virginia Sen. Joe Manchin, an architect of the overall bill.
The carried interest provision was estimated to produce $13 billion for the government over the coming decade, a small portion of the measure's $739 billion in total revenue.
It will be replaced by a new excise tax on stock buybacks, which will bring in more revenue than that, said one Democrat familiar with the agreement who spoke on condition of anonymity because they were not authorized to discuss the deal publicly.
The official provided no other details.
The Senate won't be in session Friday as Democrats continue their talks. That pause will also provide time for the Senate parliamentarian, Elizabeth MacDonough, to decide if any of the bill's provisions violate the chamber's rules and should be removed.
Get a daily dose of International Travel News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.
More InformationAUSTIN/SAN FRANCISCO: Two of the world's leading job search platforms, Indeed and Glassdoor, are set to eliminate around 1,300 positions...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
GUANGZHOU, July 15 (Xinhua) -- When tourists arrive at Shanwei, a coastal city in south China's Guangdong Province, they quickly notice...
Dubai [UAE], July 15 (ANI): Madhya Pradesh Chief Minister Mohan Yadav held a meeting with the Tata Group on Monday. The meeting was...
Vishakhapatnam (Andhra Pradesh) [India], July 15 (ANI): The Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal,...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav attended the 'Madhya Pradesh Business Investment Forum Program'...
New Delhi [India], July 14 (ANI): Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal launched multiple Capacity Building...