Manchin to talk to Sinema about climate support and tax deal

Sen. Joe Manchin (DW.Va.) says he will speak to fellow centrist Sen. Kyrsten Sinema (D-Arizona) about supporting broad tax reform and a climate bill he has negotiated with Senate Majority Leader Charles Schumer (DN.Y.) that would cut carbon emissions by 40% by 2030.

Sinema has remained silent on his support for the deal, which requires the votes of all 50 members of the Senate Democratic caucus to pass.

The Arizona senator voiced opposition last year to closing the interest-carrying tax loophole for asset managers, which Manchin insisted was part of the deal.

Manchin said he didn’t update Sinema during his talks with Schumer because he didn’t know if a deal was possible, but he said he planned to speak with him on Monday afternoon, when the Senate should vote on a court decision. candidate for the Eastern District Court of Virginia.

“I’m sure we’ll get a chance to talk today because she usually comes [on Monday]and we will talk on the floor,” he told reporters.

Manchin said last week he was ‘adamant’ on keeping a proposal to close the carried interest loophole, which allows fund managers to pay a capital gains tax rate. on the income they derive from profitable investments.

Sinema staff said the senator is reviewing the legislation.

Manchin indicated he would likely vote to shield the budget reconciliation package from amendments that would significantly alter it, arguing that he and Schumer have struck the right balance after months of difficult negotiations.

“I’m just saying we have good balanced legislation. It took me eight months to get here. We listened to everyone along the way,” he said when asked if he would vote for amendments to change the bill, which would generate $739 billion in new revenue and reduce the deficit by more than $300 billion.

Manchin said he keeps his conversations with Schumer close to the vest.

“I had no conversations with anyone during the process because I was never sure we would get to a final,” he admitted. “I never thought it could happen. I wasn’t sure.

He said he “never gives up” on the talks, but added that he “didn’t want to put people in a situation where their anticipations and their hopes would go up and down”.

“It really happened on Monday, Tuesday, last Wednesday,” he added.

Manchin pushed back against Republican claims that the bill would force Americans of all income brackets to pay slightly more taxes.

An analysis by the Joint Committee on Taxation, for example, shows that people earning between $50,000 and $75,000 would see their taxes rise by 0.8% in 2023.

Bloomberg reported Sunday that the bill would increase an outdated tax on crude and imported petroleum products to 16.4 cents a barrel.

“We have to agree to disagree. My fellow Republicans are my friends and I have worked with them tremendously and will continue to work with them in any way,” he said. “But these are things that we have all talked about in the bipartisan groups. How can we start paying down our debt and take our finances seriously? »

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