Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also agreed to raise taxes by 3.8% on the pass-through income of small business owners who make over $400,000 annually, with the anticipated revenue targeted for Medicare expenses. However, disagreements remain: one example being tax credits for clean-energy manufacturing. Schumer hopes to bring the bill to the Senate floor before the August recess. Call or visit our website for more information! www.mjscpa.com/
