: Senate passes Democrats’ big healthcare, climate and tax package after marathon session

by | Aug 7, 2022 | Stock Market

The Senate on Sunday approved Democrats’ big healthcare, climate and tax package after a marathon session, notching a victory for President Joe Biden’s party ahead of key midterm elections in November. By a vote of 51-50 — with Vice President Kamala Harris breaking the tie — senators OK’d the package and sent it on to the Democratic-controlled House of Representatives. Biden on Friday called the bill “a game changer for working families and our economy,” as he also hailed a stronger-than-expected jobs report. No Republicans voted “yes,” as GOP senators argued the measure wouldn’t address soaring inflation but would sock Americans with higher taxes.

The package, agreed to by Senate Majority Leader Chuck Schumer of New York and key moderate Joe Manchin of West Virginia, would pump billions of dollars into climate and healthcare programs over the next decade, paid for by a 15% minimum tax on some large corporations and a 1% tax on stock
buybacks. It contains about $430 billion in new spending. A late deal to attract pivotal Democrat Kyrsten Sinema of Arizona resulted in the dropping of an effort to close the so-called carried-interest loophole. Sinema’s vote was crucial in the 50-50 Senate. Democrats are facing …

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