On Sunday, December 19, 2021 Sen. Joe Manchin (D-WV) confirmed that he would not support the Administration’s Build Back Better plan, a $2 trillion climate and social spending bill which passed the House in November, derailing the legislation in its current form. Republicans were united in their opposition, requiring all Democratic Senators to sign on to the bill. Senator Machin’s decision, while effectively ending this version of Build Back Better, could open the door for a slimmer, less costly version in 2022.
BBB included pros and cons from an industry perspective. Although there were beneficial provisions such as USDA funding for sustainable forestry practices, many of the tax measures would disincentivize investment in equipment and add a surtax on certain income from S. Corporations, the primary tax code classification for small and family-owned businesses.
Source: Hardwood Federation