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HILL TAX BRIEFING: Biden’s Tax Agenda Faces Uncertain Outlook

July 18, 2022, 10:09 AM

President Joe Biden’s plans to raise taxes on corporations and the wealthy while expanding tax incentives for clean energy remain on hold, though Sen. Joe Manchin (D-W.Va.) indicated he may be willing to revisit them later this year.

Manchin on Friday said he would vote in favor of a plan to lower prescription drug prices and extend more generous Affordable Care Act subsidies, but wants to wait for more inflation data before considering tax and climate plans. The Mountain State senator has been talking with Senate Majority Leader Chuck Schumer (D-N.Y.) about reviving a budget ...