Build Back Better in a lighter version may have been resurrected (or found new momentum). The latest version of the BBB proposal is still a mystery, but talks between Senators Manchin and Schumer have been occurring under the distraction of gun safety legislation. Now that the gun safety legislation has been passed in the Senate and is sure to be passed in the House and signed by President Biden, the spotlight will likely shift back to passing some form of BBB prior to the various summer holidays, and certainly before the November midterms.
The smaller version likely includes the same themes of tax increases on the wealthy and on corporations.
Once again, there is evidence that the talks could fall apart. Some House Democrats are focused on an expansion of the SALT deduction. The irony of their proposed tax increases for some while protecting their own tax deductions at home does not sit well with progressive Democrats and others.
It is also interesting to note that the talks do not seem to have included Senator Sinema, who was also key to blocking the earlier version.
We are as interested as you are and will keep you updated as we learn more.