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BGOV Bill Summary: Democrats’ Reconciliation Bill (Correct)

Aug. 3, 2022, 2:15 PMUpdated: Aug. 24, 2022, 9:17 PM

A 15% minimum corporate levy would be imposed on “book income;" the government would be directed to negotiate a maximum price for high-cost, Medicare prescription drugs; and subsidies under the Affordable Care Act would be extended by Public Law 117-169.

The measure represents a scaled-back version of President Joe Biden’s economic agenda negotiated by Majority Leader Chuck Schumer (D-N.Y.) and Sen.Joe Manchin (D-W.Va.) and modified with changes sought by Sen. Kyrsten Sinema (D-Ariz.) and made on the Senate floor.

The Senate adopted two amendments: to exempt businesses owned by private equity firms from the corporate minimum tax, and ...