Marc Gerson, former majority tax counsel to the U.S. House of Representatives Committee on Ways and Means, commented on the viability of the passage of an agreement on a slimmed-down budget reconciliation package, the Inflation Reduction Act (IRA) of 2022, announced on July 27 by Senator Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY). The legislation focuses on Affordable Care Act (ACA) subsidies, energy security and climate change, prescription drug pricing reform, and deficit reduction. From a tax perspective, the IRA proposes to apply a 15 percent book income minimum tax, increase the taxation of carried interests, and increase funding for IRS enforcement but did not include a proposed expansion of the 3.8 percent net investment income tax (NIIT). With respect to future consideration of the 3.8 percent NIIT expansion, Gerson noted "The risk of enactment has gone down dramatically because there isn't an[other] available reconciliation vehicle to put the taxes on."