The estimated $740 billion economic package from Democrats is nowhere near what President Joe Biden first envisioned with his effort to rebuild America’s public infrastructure and family support systems.
, the conservative West Virginia Democrat, includes some hard-fought party priorities. But the final touches came this week from Sen. Kyrsten Sinema, D-Ariz., who put her handiwork on the latest revisions.LOWER PRESCRIPTION DRUG COSTSto negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
A late addition pushed by Sinema and other Democrats in Arizona, Nevada and Colorado would designate $4 billion to combat a mega-drought in the West, including conservation efforts in the Colorado River Basin, which nearly 40 million American rely on for drinking water. It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year.
Keeping the tax break for the wealthy deprives the party of $14 billion in revenue they were counting on to help pay for the package.
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Democrats say they’ve reached agreement on economic packageSenate 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.
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