Biden is about gifting a huge win for America through the Build Back Better Framework

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:

The Build Back Better Act will create millions of well-paying jobs, enable more Americans to join and stay in the workforce, encourage long-term growth, reduce price pressures, and put the United States on track to meet its clean energy ambitions.

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.

Policy Billion dollars
Child care and preschool 400
Family care 150
Child tax and earned income tax credit 200
Investment in clean energy and climate 555
ACA credit, including in the unveiled state 130
Medicare Hearing 35
Housing 150
Higher Ed and Workforce 40
Equity and other investments 90
Total 1750
Immigration 100

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

Tax compliance

  • 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
Total: 1995

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.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button