A U-turn: US Senator Joe Manchin agrees to $369-billion tax bill

Senator Joe Manchin and Majority Leader Chuck Schumer struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda. The plan would provide 

$369 billion for “energy and climate change”, generate an estimated $739 billion in revenue, and reduce deficits by $300 billion over a decade. Here are the highlights of what’s in the deal:

Corporate taxes

The bill imposes a 15% minimum corporate levy on firms that have traditionally paid little-to-no taxes thanks to credits and deductions

IRS enforcement

The Internal Revenue Service would get $80 billion to