What’s in Biden’s $1.75 trillion ‘Build Back Better’ package? -Breaking
[ad_1]
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the authorization of the coronavirus disease (COVID-19) vaccine for kids ages 5 to 11, during a speech in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in WaWASHINGTON (Reuters) – The Democratic-controlled U.S. House of Representatives was expected to vote Friday on a sweeping, $1.75 trillion social-policy and climate package that accounts for much of Democratic President Joe Biden’s domestic agenda.
During months of negotiation, the package was reduced and significantly modified. It is expected to be further modified in Senate.
According to the White House, here is the most recent version:
FAMILY BENEFITS
Free Preschool for All 3 and 4 Year-olds
Child care support: Amounts below $300,000.00 per annum would not pay more than 7% for child care.
Credits up to $300 for each child, per month
– The Medicaid Health Program increases coverage of home-care expenses for seniors and the disabled.
29 million children with low income are eligible to receive free school meals.
CLIMATE
Rebates and credits for rooftop solar system costs reductions of 30%, and American-made, union made electric vehicles cost savings of $12,500
U.S. incentives to increase the production of clean energy technology in America and to shift industries that contribute to reducing carbon emissions
– Establishes a 300,000.strong Civilian Climate Corps for climate-related projects
– Creates the Clean Energy and Sustainability Accelerator, which invests in climate projects and has at least 40% of its beneficiaries serving those most in need
– Contributions to coastal restoration and forest management.
HEALTHCARE
– Allows Medicare seniors to get lower prescription drug prices for drugs on the market for less than nine years
– Inflation is a crime that penalizes pharmaceutical companies for increasing prices more quickly than inflation
– Limits out-of pocket prescription drug costs at $2,000/year and lowers insulin prices down to $35/month
Medicare coverage for hearing aids is expanded by the expansion of Medicare
Affordable Care Act Premiums Reduced by an Average of $600 Per Person per Year
– Increases Medicaid coverage to people with low income in those 12 states which have chosen not to expand it on their own
HOUSING
– Extends rental assistance, affordable housing and public housing programs
Increased down-payment support to encourage home ownership
– Increase lead-paint elimination efforts
– Encourages the community to lead redevelopment of low-income communities
– Recommends that local governments relax restrictions on zoning which restrict housing density
EDUCATION
Pell Grants to College Students Increased
Higher aid for historically Black colleges as well as other minority-serving schools
– This boosts the Labor Department’s job-training programs up to 50%
IMMIGRATION
– 100 billion dollars in “immigration law,” which refers to additional funding above the $1.75 Trillion
– Aims to improve asylum program processing at the border and reduce backlogs.
AUTOTHER PROGRAMS
– Increases tax credit for low income workers so that it covers those with no children
Rural projects get more money
– Provides support for community violence intervention
TAXES
15% Minimum tax for corporations with revenues exceeding $1B
Buyback of stock carries a surcharge of 1%
15% Minimum tax for foreign profits by U.S. companies
Surtax of 5% on income exceeding $10,000,000
Surtaxes of 3% on earnings above $25,000,000
Close loophole to stop wealthy people from paying 3.8% Medicare taxes
To improve the customer service of customers and to focus on tax evaders who are wealthy, bolster the Internal Revenue Service
– Increases the state and local tax deduction that is primarily in favor of households earning higher-income in high-tax States. This benefit was reduced by the Republicans in 2017’s tax-cut package
[ad_2]
