Lawmakers are poring over the $739 billion proposal struck by two top negotiators, Sen. Chuck Schumer and Sen. Joe Manchin.
, the conservative West Virginia Democrat who rejected Biden's earlier drafts but surprised colleagues late Wednesday with a new one.LOWER PRESCRIPTION DRUG COSTSto negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones. The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade.
The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.
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