Salt Expansion and Tax Hike

Salt Expansion and Tax Hike


Senate Majority leader Chuck Schumer and West Virginia Senator Joe Manchin released the outline of a tax, climate, and health care deal on Wednesday, which could prove to be a major breakthrough after weeks of negotiations.  The proposal would raise an estimated $739 billion, with the revenues going to fund climate and health initiatives and reduce the budget deficit. Spend $433 billion and reduce deficits by $300 billion over a decade. 

Senator Joe Manchin, the West Virginia Democrat at the center of negotiations over an economic policy bill, said he opposes changes to the state and local tax deduction, dealing a blow to House Democrats seeking to expand the writeoff.

This resulted in a breakthrough deal between Sens. Chuck Schumer and Joe Manchin including the extension of a popular consumer tax credit for the purchase of electric vehicles, a big win for EV makers such as General Motors Co., Tesla Inc., and Toyota Motor Co.


Links:

Deal

SALT Cap expansion

Tesla/Toyota share hike

Tax hike

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