What is Biden's $ 1.75 trillion Build Back Better package?
The US's social and climate package is still going to the Senate
What is Biden's $ 1.75 trillion Build Back Better package? The US's social and climate package is still going to the Senate
The Democratic-controlled US House of Representatives passed President Joe Biden's $ 1.75 trillion social and climate package on Friday and sent it back to the Senate, where it is likely to be amended.
The following is the contents of the latest version, according to the White House:
FAMILY BENEFITS
- Free preschool for all 3 and 4 year olds Childcare Support: Families earning less than $ 300,000 a year should not pay more than 7% of their income for childcare
- Tax credits up to $ 300 per child per month
- Increased coverage of the cost of home care for the elderly and disabled through the Medicaid health program Expand free school meals and provide $ 65 a month for groceries during the summer months for 29 million low-income children eligible for free school lunch
CLIMATE
- Discounts and credits to cut the cost of rooftop solar panels by 30% and US-made electric vehicles by $ 12,500
- Incentives to encourage the manufacture of clean energy technologies in the US and to convert other industries to carbon reduction
- Creation of a 300,000-strong civilian climate corps working on environmental and climate projects
- Creation of a Clean Energy and Sustainability Accelerator for investments in climate-relevant projects, of which at least 40% should benefit disadvantaged communities
- New spending on coastal restoration, forest management and soil protection
HEALTH PROTECTION
- Allows Medicare Seniors Health Plan to negotiate lower prices on prescription drugs that have been in the market for at least nine years
- Punishing drug manufacturers who raise their prices faster than inflation
- Limit prescription drug spending to $ 2,000 a year and cut insulin prices to $ 35 a month
- Expands Medicare to include hearing aids
- Reduces the Affordable Care Act premiums by an average of $ 600 per person per year
- Extends Medicaid coverage to low-income people in the 12 states who have chosen not to expand the program themselves
RESIDE
- Expand affordable housing, social housing and rent assistance programs
- Expanded support for down payments to promote home ownership
- Extension of measures to eliminate lead paint
- Supports the redevelopment of low-income neighborhoods by the municipality
- Encouraging local governments to relax territorial restrictions that limit housing density
EDUCATION
- Increases Pell Grants for college expenses
- More support for historically black colleges and other schools that advocate for minorities
- Increase in the Ministry of Labor's vocational training programs by 50
IMMIGRATION
- $ 100 billion for "immigration reform," that is, additional funding beyond the $ 1.75 trillion
- Efforts to reduce residues, develop legal services and improve border clearance and asylum programs
OTHER PROGRAMS
Extension of a tax credit for low-income workers to workers without children
More money for rural projects
Supports the intervention in case of violence in the community
STEER
- 15% minimum corporate income tax for companies with more than $ 1 billion in profit
- 1% surcharge on share buybacks
- 15% minimum tax on foreign profits of U.S. corporations
- 5% surcharge on personal income over $ 10 million
- Additional 3% surcharge on income over $ 25 million
- Closing loopholes that prevent the wealthy from avoiding the Medicare 3.8% tax
- Strengthening the Internal Revenue Service to improve customer service and focus enforcement on wealthy tax evaders
- Extend a deduction for state and municipal taxes, from which households with high incomes in high-tax countries benefit in particular. Republicans cut this perk in their 2017 tax cut package.