What’s in the Manchin-Schumer Deal on Taxes, Climate and Energy

Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin released the outline of a tax, climate and health care deal on Wednesday, in what could prove to be major breakthrough after weeks of negotiations.

The proposal would raise an estimated $739 billion, with the revenues going to fund climate and health initiatives, as well as to reduce the budget deficit. While it would amount to the biggest tax hike in years, it’s far removed from the comprehensive, progressive revamp of the tax code the Biden administration once hoped for, and leave in place much of former Republican President ...