Biden Administration

Michigan Democratic Senator Debbie Stabenow is pushing for last-minute changes to stringent new electric-vehicle tax-credit limits in her party's tax and spending deal amid a pressure campaign from the auto industry.

The Arizona Democrat, a pivotal vote in the Senate, is asking to drop a provision from the bill that would scale back a tax break for fund managers, known as carried interest.

The bill would impose a 15% minimum tax on large corporations, beef up tax audits and force drug companies to offer Medicare lower prices.

The Treasury Secretary waded into the congressional debate over proposed economic and climate legislation.

The Joint Committee on Taxation found that some middle- and low-income households could pay $16.7 billion in additional taxes next year as a result of the draft bill.

Now that Senator Joe Manchin is on board with a $433 billion tax and climate bill, Democrats, Republicans and the private equity industry all are trying to suss out where the Arizona lawmaker stands.

The Byrd rule allows individual pieces of a measure to be challenged on the grounds that they are incidental or extraneous to the budget.

About half of a new alternative corporate income tax would be paid by companies that self-identify as manufacturers.

Sinema has expressed opposition to ending the carried-interest tax break used by private equity and hedge fund managers to lower their tax bills.

The legislation would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon.