Democrats in the US Senate have changed parts of their proposed minimum tax for large corporations and several other changes to their economic bill, majority leader Senator Chuck Schumer said Friday.
The Democrats are trying to close ranks in order to pass a domestic agenda win for President Biden in the midst of the campaign season leading up to November’s midterm elections.
Schumer, the Democratic Senator from New York, said Democrats also dropped a proposed tax increase for private equity business executives following a lawsuit by Senator Kyrsten Sinema, the Arizona Democrat.
“The Cinema Senator has said he will not support this bill unless this “private equity” tax is removed from the bill,” according to Schumer.
This legislative product will certainly be opposed by all members of the Republican Congress, and will be passed through 50 Democratic senators, including Senator Cinema, plus Vice President Kamala Harris, so it is hoped that the bill will pass by a margin of 51 votes to 50.
Republicans argue that the bill will exacerbate inflation, a major concern among voters, discourage companies from recruiting and raise already expensive energy prices through taxation.
But non-partisan analysts have said that this legislative product will have little impact on inflation and the economy. [jm/pp]