The White House has announced an agreement on Biden’s Build Back Better Bill that the White House hopes will support Democrats.
What is here is good to build back
The White House Politics USA provides the structure:
Investing in children, families and care that enhances the capacity of the economy
- Universal preschool for all 3- and 4-year-olds: Extend access to free high-quality preschool for more than 6 million children. This is a long-term program, with funding for six years.
- Affordable high quality child care: Limit childcare costs for families to no more than 7% of income, for households earning up to 250% of the state average income. It enables states to expand access to about 20 million children Parents must be working, looking for work, training or taking care of serious health problems. This is a long-term program, with funding for six years.
- Affordable, high-quality care for thousands of older Americans and people with disabilities in their homes and communities: Strengthening an existing program through Medicaid and eliminating existing backlogs and improving the working conditions of home care workers
- Extended Child Tax Credit: Extend the current extended child tax credit for one year to more than 35 million American households, including monthly payments for families earning up to $ 150,000 per year. Adjust the refund of child tax credit.
Invest in Clean Energy and Coming Climate Change
- Clean Energy Tax Credit (320 billion): Ten-year extended tax credit for utility-scale and residential clean energy, transmission and storage, clean passenger and commercial vehicles, and clean energy manufacturing.
- Resilience investment (105 billion): Investment and incentives to deal with extreme weather (including fires, droughts and hurricanes, forests, wetlands and agriculture), community heritage pollution and a civilian climate corps.
- Investment and Incentives for Clean Energy Technology, Manufacturing and Supply Chain ($ 110 Billion): Incentives aimed at encouraging new domestic supply chains and technologies such as solar, batteries and advanced materials to enhance the competitiveness of existing industries such as steel, cement, and aluminum.
- Clean energy collection (20 billion): Provide incentives to governments to become buyers of next-generation technology, including long-term storage, small modular reactors, and clean construction materials.
Affordable care for millions of hardworking Americans
- Affordable Care Act Premium Tax Credit: Extend the Affordable Care Act Premium Tax Credit by 2025. Experts predict that more than 3 million people who would otherwise be uninsured will receive health insurance. Also make the Affordable Care Act premium tax credits available to 4 million uninsured people in the unveiled state through 2025.
- Allow Medicare to cover hearing costs. Set up a hearing aid at Medicare, an important benefit for our seniors for a reasonable cost.
Reduce spending, reduce inflationary pressures and strengthen the middle class
- Housing: $ 150 billion investment to reduce housing purchasing power and price pressures, including in rural areas. Funding goes to more than 1 1 million in new affordable rental and single family homes, rent and down payment assistance and the construction of public housing.
- Education outside of high school and workforce development: Expand access to education outside of high school by reducing costs and maximizing pay grants, historically supporting black colleges and universities (“HBCUs”), Hispanic service providers (HSIs), minority service providers (“MSIs”), and tribal colleges. And investments in manpower development, including universities (“TCUs”), and community college workforce programs, sector-based training, and apprenticeships.
- Income tax credits earned for 17 million low-wage workers: Extend the current extended earned income tax credit for childless workers for one year.
- Equity and other investments: Other targeted investments include maternal health, community violence initiatives, local communities, disadvantaged farmers, nutrition, epidemic preparedness, supply chain resilience and other areas.
Improve our immigration system in line with Senate reunification rules.
|Child care and preschool||400|
|Child tax and earned income tax credit||200|
|Investment in clean energy and climate||555|
|ACA credit, including in the unveiled state||130|
|Higher Ed and Workforce||40|
|Equity and other investments||90|
Offset: Ask the largest corporations and highest-income Americans to give fair shares and reduce the cost of prescription drugs
The plan is to pay richer Americans and the most profitable corporations their fair share, rather than pay them outright. It does not raise taxes on small businesses and those earning less than $ 400,000 per year. It will also create economic growth which will increase tax revenue and contribute to deficit reduction.
Refrain profitable corporations from paying zero tax and stop rewarding stock buyback corporations instead of investing in companies.
- 15% corporate minimum tax on large corporations
- 1% surcharge on corporate stock buyback
Stop rewarding corporations for shipping jobs and profits abroad
- Global Minimum Tax: Compatible with OECD and suitable for 15% with effective date, by country
- Penalty rates for foreign corporations in non-compliant countries (e.g. anti-foundation and anti-abuse tax)
Ask high-income Americans to give them their fair share
- New Sartax on multi-millionaires and billionaires
- Close loopholes in Medicare self-employment tax by strengthening net investment income tax for those earning more than $ 400,000
- Continue to limit the additional loss of business
- Invest in IRS enforcement.
Withdrawal of the Trump administration’s rebate rule, which would raise drug premiums for seniors
|Offset – Guess, subject to confirmation||Billion dollars|
|15% corporate minimum tax on large corporations||325|
|Stock buyback tax||125|
|Corporate International Reform to stop rewarding companies that send jobs and profits abroad||350|
|Top AGI surcharge 0.02%||230|
|Stop Medicare tax loopholes for the rich||250|
|Limit business losses for the rich||170|
|IRS investment to close tax gap||400|
|Prescription Drugs: Cancel the rebate rule||145|
Build Back Better Will Change Lives
Children will receive a public pre-K. Parents will receive support for childcare. The bill extends Obamacare and child tax credits. The Medicare extension isn’t as large as originally wanted, but it does expand to include hearing coverage.
The biggest line item on the bill is money to tackle climate change. There is funding for expanded pay grants, affordable housing, and home care for the elderly and disabled.
This is done by paying more taxes to the rich and big corporations.
The bill meets the criteria of moderates, and it is not as progressive and as much as President Biden wanted it to be, but it is a lesser payment for the future of America.
Delivered by Biden. Now it is up to Congress to do their part and pass the bill.
Mr. Izli Managing Secretary. He is also a White House Press Pool and a congressional correspondent for Politicus USA. Jason has a bachelor’s degree in political science. Her undergraduate work, including specialization in the social reform movement, focuses on public policy.
Awards and professional membership
Member of the Society of Professional Journalists and the American Political Science Association