Sen. Joe Manchin (D-W.Va.) declared on Wednesday that he and Senate Majority Leader Chuck Schumer (D-N.Y.) had reached an agreement on legislation to advance significant items on President Biden’s agenda, such as tax reform, prescription medication price reductions, and climate change mitigation.
Manchin issued a statement in which he stated, “I firmly support the passage of pragmatic policies that lower inflation and focus on the big concerns affecting America today and in the future.”
“I now suggest the Inflation Reduction Act of 2022 and will support it. This bill will lower the cost of health insurance and prescription drugs, cut the inflation taxes Americans pay, and ensure that our nation invests in the energy security and climate change solutions we need to maintain our position as a global superpower through innovation rather than elimination, he added.
Manchin had stated that he would like to concentrate on reducing prescription costs rather than engage in discussions over tax and environment legislation, which led to the statement.
According to Manchin’s statement, the agreement makes investments in technologies that will support a variety of energy sources, including fossil fuels, renewable energy sources, nuclear hydrogen, and energy storage.
He continued by saying that it also makes investments in both domestic and international efforts to reduce emissions of the greenhouse gases carbon and methane.
The speech lacked clear policy details on how this might be accomplished, although many of the goals he outlined seem to be consistent with earlier ideas for renewable energy tax credits.
Manchin declared that, in terms of taxes, he will pursue a course of action that “protects small companies and working-class Americans while ensuring that giant corporations and the ultra-wealthy pay their fair amount.”
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