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BGOV Bill Summary: Senate Democrats’ Reconciliation Package (2)

Aug. 3, 2022, 2:15 PMUpdated: Aug. 8, 2022, 9:00 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 the Senate-passed budget reconciliation bill (H.R. 5376).

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 passed the modified version by a 51-50 on Aug. 7 with Vice ...