would designate $4 billion to combat a mega-drought in the West, including conservation efforts in the Colorado River Basin, which nearly 40 million American rely on for drinking water.
It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all. To win over Sinema, Democrats dropped plans to close a tax loophole long enjoyed by wealthier Americans — the so-called "carried interest," which under current law taxes wealthy hedge fund managers and others at a 20% rate.
In its place, Democrats, with Sinema’s nod, will impose a 1% excise tax on stock buybacks, raising some $74 billion over the decade. The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.With some $740 billion in new revenue and around $433 billion in new investments, the bill promises to put the difference toward deficit reduction.when federal spending soared and tax revenues fell as the nation's economy churned through shutdowns, closed offices and other massive changes.
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