After months of stalled negotiations, Sen. Joe Manchin (D-WV) announced that he has reached a deal with Senate Democrat leadership on a reconciliation package.
Called the InflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. Reduction Act, the legislation would raise taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. es on corporations and top earners with the goal of funding a number of programs to reduce carbon emissions, address prescription drug costs, and spur the economy.
Garrett Watson joins Jesse Solis to talk through what these tax changes would mean for the economy: Will they reduce inflation, and do they break the President’s pledge not to raise taxes on those earning less than $400,000?
Links
https://taxfoundation.org/biden-corporate-minimum-book-tax/
https://taxfoundation.org/prescription-drug-pricing-reform/
https://taxfoundation.org/tax-gap/
https://taxfoundation.org/tax-reform-options/?option=28
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