It will be replaced by a new excise tax on stock buybacks which will bring in more revenue than that, said one Democrat familiar with the agreement who spoke on condition of anonymity because they were not authorized to discuss the deal publicly. The official provided no other detail.
“We prioritize the middle class and working families, instead of those at the very top. God bless them, they’re doing fine,” Schumer said. Sen. Kyrsten Sinema, D-Ariz., a mercurial centrist, has not made her stance clear and is considered her party's sole potential holdout. In defense of that proposal, Senate Finance Committee Chairman Ron Wyden, D-Ore., released figures showing that between 100 to 125 corporations that reported income averaging $8.9 billion paid effective tax rates averaging 1.1%. The numbers were compiled by Congress' nonpartisan Joint Committee on Taxation.
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