bill. senator sinema said she wouldn t move to proceed unless we took it out, so we had no choice. but what we added is something that ex150i9s me and i think excites all democrats and particularly progressives. we re adding in an excise tax on stock buybacks that will bring in $74 billion. the snenate parliamentarian will determine whether it complies with special budget rules that are required. but regardless, the voting process is going to kick off tomorrow followed by an unlimited amendment process. and then they can move to final passage. of course the house still needs to vote, but if all goes according to plan, it could be on president biden s desk by the end the next week. that is moving quickly if we re only looking at the time period from when we got the deal. melanie, good to see you.
more than 200 economists warn congressional leaders that the u.s. is in a dangerous crossroads. they argue the bill increases inflation. senate majority leader chuck schumer does not mince words. considering how high they are wrong. i don t know who that list was for the overwhelming majority of those who have looked at this. the public and economist. they have said it will do reduce inflation. it will. after days of talks, kyrsten sinema signal she will move forward on the tax and spending bill. democrats agreed to drop a provision to tax carried interest to get kyrsten sinema s vote. there is an excise tax on stock buybacks that will raise $74 billion. schumer called buybacks despicable. joe manchin scores a future deal to streamline pipeline permits. plus deficit reduction. the thing that i talk to my republican, they want to make
reporter: after a week arms twist, schumer is confident all 50 democrats support the legislation. we re feeling pretty good. reporter: schumer cut a deal with arizona democrat kyrsten sinema. she refuse to support a tax loophole for big investors and hedge fund managers. senator sinema said she would not vote for the bill unless we took it out. reporter: democrats slapped $74 billion in new taxes on firms which buy back their own stocks. republicans say moderates joe manchin and sinema to the left. if this week s marathon series. what will vote will be like. will be like hell. they deserved this. these votes will be hard votes for the democrats. reporter: the vote goes around the clock.
and you apply because we all know that it s a substantial sum. only what she calls that donation of investment, it does nothing to stem the caravan headed this way, laura. nor does it address the biggest national security threat we face. talk about an unseen story, writers did a trade analysis of the last six years or so, putting mexico aside, guess who has surpassed the united states in trade with latin america? you said it earlier. china is now the leading trade partner with latin america, spending 247 billion to the u.s. s 174 billion. this week is not helping. laura: of course it s not going to help, it s not going to do anything to stop the migration, they know it. but they are happy to help other countries get richer as we get poorer. so i hope all these countries do better in our own hemisphere, but not going to do anything. i m just still stuck on a pronunciation. i know you did the spanish
but biden s ex keys and blame are pathetic. remember the big energy companies that refused to use their permit to drill? the greedy oil and gas companies had a bunch of permits they didn t use but weren t greedy enough to use them. the billionaires. the blame game never stops. here from the washington examiner. according to the cbo, federal court income tax collection before the rate cut came in at $297 billion. by 2021 they jumped to $274 billion. that amounts to a larger percentage of the overall economy. but biden told us they were