The White House has announced an agreement on Biden’s Build Back Better bill that the White House expects Democrats to support.
The White House provided the framework to PoliticusUSA:
Investments in Children, Families and Caregiving that Grow the Economy’s Capacity
Investments in Clean Energy and Combatting Climate Change
Affordable Care for Millions of Hardworking Americans
Bringing Down Costs, Reducing Inflationary Pressures, and Strengthening the Middle Class
Improve Our Immigration System Consistent with the Senate’s Reconciliation Rules.
|Child Care and Preschool||400|
|Child Tax & Earned Income Tax Credits||200|
|Clean Energy and Climate Investments||555|
|ACA Credits, Including in Uncovered States||130|
|Higher Ed and Workforce||40|
|Equity & Other Investments||90|
The plan is more than fully paid for by asking the wealthiest Americans and most profitable corporations to pay their fair share. It does not raise taxes on small business and anyone making less than $400,000 per year. It will also generate economic growth that will increase tax revenue and contribute to deficit reduction.
Stop Profitable Corporations from Paying Zero in Tax and Stop Rewarding Corporations That Buyback Stock Rather than Invest in the Company
Stop Rewarding Corporations for Shipping Jobs and Profits Overseas
Ask Highest Income Americans to Pay Their Fair Share
Repeal of Trump Administration Rebate Rule, Which Would Have Increased Seniors’ Drug Premiums
|Offsets – Estimates, Subject to Confirmation||$ billion|
|15% Corporate Minimum Tax on Large Corporations||325|
|Stock Buybacks Tax||125|
|Corporate International Reform to Stop Rewarding Companies That Ship Jobs and Profits Overseas||350|
|AGI Surcharge on the Top 0.02%||230|
|Close Medicare Tax Loophole for Wealthy||250|
|Limit Business Losses for the Wealthy||170|
|IRS Investments to Close the Tax Gap||400|
|Prescription Drugs: Repeal Rebate Rule||145|
|Up to a Total of:||1995|
Children will get universal pre-K. Parents will get help affording child care. The bill expands Obamacare and the child tax credit. The Medicare expansion is not as big as originally sought, but it expands to include hearing coverage.
The biggest line item in the bill is money to combat climate change. There is money for expanded Pell Grants, affordable housing, and home care for elders and people with disabilities.
It is paid for by making the wealthy and big corporations pay more in taxes.
The bill meets the criteria of moderates, and it isn’t as much as progressives and President Biden wanted, but it is a downpayment on America’s future.
Biden delivered. Now it is up to Congress to do their part and pass the bill.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
If President Joe Biden calls for a national lockdown and it is absolutely needed, it…
Rep. Ronny Jackson claimed that the Omicron variant is a Democratic plot to steal the…
1/6 Committee member, Rep. Adam Schiff (D-CA) confirmed that the committee is investigating Trump's role…
\Donald Trump Jr. called the American people sheep and really seemed to want riots in…
He could handle it masterfully, with the least impact on both health and the economy…
Rep. Boebert is clearly worried about being censured and losing her committee assignments, so she…