KPMG: Reported agreement on Senate reconciliation bill, legislative text and summary of bill after Manchin Agreement (July 27, 2022)

KPMG is reporting the following:

Legislative text and a summary of the bill were released on July 27, 2022. 

Senator Joe Manchin (D-WV) late July 27, 2022, announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on tax, climate change, energy, and health care provisions to be included in the Inflation Reduction Act of 2022. Read Senator Manchin’s statement.

The agreement reportedly would impose a new 15% book minimum taxon large corporations (similar to the provision included in the House-passed Build Back Better Act); would modify the carried interest rules; and would significantly increase IRS funding. Preliminary indications are that the combined effect of these provisions, along with prescription drug pricing changes, could raise more than $700 billion over the next 10 years.

See full KPMG post by clicking here.

See Legislative text and summary of bill by clicking here.

See also Deloitte, Schumer, Manchin release legislative text for tax, climate, and health care package.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.