Democrats on Health, Climate and Taxes | Finance News
WASHINGTON, AP – The Democrats met today to discuss certain topics about the revised tax code. Despite mixed opinions, the Democrats look to limit the opposition to the bill as much as possible.
The Democrats needed to make certain compromises to find common ground about the new tax code. The Democrats settled with a $3.5 billion cost for the bill payable in ten years. There needs to be at least a 50% approval among the Democrats to ensure the new tax code’s success.
However, despite these compromises, Senators Joe Manchin and Kyrsten Sinema in Arizona claimed that $3.5 trillion is too expensive for the new tax code.
Because of the mixed criticisms about the new tax code, President Joe Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer agreed that the cost would drop more for the desired approval rate.
According to Senate Budget Committee Chairman Bernie Sanders, the government can still work with a $6 trillion budget to pursue its agenda in family stability and global warming initiatives.
However, Senator Joe Manchin suggested decreasing the new tax code to $1 trillion to $1.5 trillion, which might not be enough for the Democrats to work with.
Nevertheless, the Democrats are still looking to find common ground with the revised new tax code. To reach common ground, the Democrats might settle for a $2 trillion to $2.5 trillion tax code.
To reach the desired $2 trillion in tax revenue, the House Ways and Means Committee looks to boost the taxes of rich individuals and corporations.