By Tyler Durden
Update (1515ET): Manchin on Monday laid out possible changes to the $2 trillion Build Back Better economic agenda which might encourage him to reverse his “no” on the legislation.
For starters, Manchin said he would only support a $1.75 trillion bill that seriously overhauls the US tax code, and that significantly lowers the cost of a broader array of prescription drugs vs. the current offering.
“If youâre going to negotiate then negotiate. Donât start picking and choosing and playing games,” he said.
He also wants work requirements for benefits, such as expanded child tax credits, as well as a means test which would cut off people making over $200,000 per y ear.
Manchinâs vision for the child tax credit is at odds with Bidenâs pledge to not raise taxes on those earning less than $400,000. Manchin suggested scaling back the tax benefit for those earning between $200,000 and $400,000. He said he didnât believe that parents who didnât earn any income should be able to get the credit, a revision that would reverse a change Democrats made to the benefit earlier this year…
