Senate Democrats are reportedly working on a way to reduce tax increases in President Joe Biden’s proposed economic plan to gain Sen. Joe Manchin, D-W.Va., as a supporter, Bloomberg reports.
The changes under consideration would reduce the tax hikes previously passed by the House, which could spell smaller tax increases for American companies and high-income households.
Bloomberg’s sources, who were not named, said Manchin and Senate Majority Leader Chuck Schumer, D-N.Y., are close to reaching an agreement on a $1 trillion tax-hike package, about $500 billion less than the amount passed last year by the House.
Manchin is also reportedly working to make the package better for the fossil fuel industry, which could upset liberals and environmental organizations.
A Manchin spokesperson declined to comment to Bloomberg. Schumer’s office and the Senate Finance Committee did not provide an immediate response when contacted by Bloomberg for comment.
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