SCOOP: In closed-door conversations, Sen. Kyrsten Sinema has told donors a path to revival for Biden's Build Back Better agenda is unlikely
Last fall, Sinema forced the White House to abandon Biden's plans to increase the corporate tax rate to 26.5% from 21% and raise the top individual rate for the wealthiest Americans from 37% to 39.5%.
But she did end up agreeing to raise the global minimum and domestic tax rate for corporations to 15%, which would raise about $600 billion over 10 years. In all, she agreed to measures that would increase revenues by about $2 trillion — more than enough to offset the $1 trillion in new revenue Manchin has floated to pay for climate provisions and deficit reduction.After Biden pivoted toward deficit reduction in the State of the Union address, indicating he might be willing to work with Manchin on a smaller package, Sinema said her support for the White House's framework on Build Back Better was unchanged.
“Any new, narrow proposal — including deficit reduction — already has enough tax reform options to pay for it,” a Sinema spokesperson said in early March. “These reforms are supported by the White House, target tax avoidance and ensure corporations pay taxes, while not increasing costs on small businesses or everyday Americans already hurting from inflation.”The White House has always needed to solve issues not just for Manchin but also for Sinema to get a reconciliation bill passed in a 50-50 Senate.
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