Manchin-Schumer deal leads to 15% minimum corporate tax

By David van den Berg and Stephen K. Cooper (July 27, 2022, 9:55 p.m. EDT) — Sen. Joe Manchin said Wednesday he had reached an agreement with Majority Leader Chuck Schumer on legislation that would impose a 15% minimum for business tax as part of a larger package to reduce tax, energy and health care costs.

Manchin, a Democrat from West Virginia, and Schumer, a Democrat from New York, announced the agreement to add the package, known as the Cut Inflation Act of 2022, to the bill of budget reconciliation for the 2022 financial year, which could be adopted with a simple majority. The package includes key elements of President Joe Biden’s stalled national agenda, such as investing in renewable energy…

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