Democrats Push Ahead With Their Spending Plans Despite Opposition

Senate Democrats push ahead with their spending plans while talks stall. GOP critics claim the package includes large hikes for the IRS and other non-defense agencies. A top Senate Democrat stated that his party intends to introduce an omnibus spending bill on Monday to press Republicans into accepting a deal or risking an alternative that would freeze government spending for the entire year and prevent reallocating funds to military and other programs.

Inflation Reduction Act in Jeopardy

The closed carried interest loophole could undermine the Inflation Reduction Act of 2022 since some Democrats seek an exemption for start-ups. As part of the Democrats’ reconciliation bill, the legislation would also impose a 15 percent corporate minimum tax, give Medicare the option to negotiate the price of drugs, strengthen IRS tax enforcement, and close … Read more