Last week, Sen. Manchin agreed to a pared-down version of Biden's Build Back Better legislation. The bill is called the Inflation Reduction Act and leaves out most of the tax provisions of Biden's proposal. There are no increases in individual tax rates, however the child tax credit, which was expanded for 2021, will also not be expanded going forward. The most significant tax change is the 15% minimum tax on financial profits to large corporations. This refers to the financial income reported to shareholders rather than the taxable income reported to the IRS, which under current law is frequently vastly different. The bill also attempts to end the much maligned "carried interest" tax benefit. There is also $370 billion of energy and climate-change provisions, and roughly $80 billion of IRS funding, in the hopes of raising revenue through increased enforcement action. This bill is not yet law and it remains to be seen whether it will garner enough support to make it through Congress so stay tuned.