What’s in Biden’s $ 1.75 trillion Build Back Better package? | Politics News

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The legislation proposes sweeping changes to housing, climate, health, taxation, education, and other policies in the United States.

The Democratic-controlled US House of Representatives was due to vote on Friday on a sweeping $ 1.75 trillion social and climate agenda that is a big chunk of Democratic President Joe Biden’s national agenda.

The package has been reduced and significantly changed over the months of negotiations, and is subject to further change in the Senate.

Here’s what’s in the latest version, according to the White House:

Family benefits

  • Free kindergarten for all three and four year olds
  • Coverage of child care costs: Families earning less than $ 300,000 per year would pay no more than 7% of their income for child care
  • Tax credits up to $ 300 per child per month
  • Strengthens home care cost coverage for the elderly and disabled with Medicaid health program
  • Expands free school meals and provides $ 65 per month in grocery money during the summer months to 29 million low-income children who qualify for free school lunches

Weather

  • Rebates and credits to reduce the cost of rooftop solar systems by 30% and union-made electric vehicles produced in the United States by $ 12,500
  • Incentives to encourage the manufacture of clean energy technologies in the United States and to displace other industries to reduce carbon emissions
  • Creates 300,000 Civilian Climate Corps members to work on environmental and climate projects
  • Creates a clean energy and sustainability accelerator to invest in climate-related projects, with at least 40 percent serving disadvantaged communities
  • New spending for coastal restoration, forest management and soil conservation

Health care

  • Enables Medicare Seniors Health Plan to Negotiate Lower Prices for Prescription Drugs That Have Been On The Market For At Least Nine Years
  • Penalize drug companies that raise prices faster than inflation
  • Capping prescription drug prices at $ 2,000 per year and lowering insulin prices to $ 35 per month
  • Extension of health insurance to cover hearing aids
  • Reduces Affordable Care Act premiums by an average of $ 600 per person per year
  • Extends Medicaid coverage to low-income people in the 12 states that have chosen not to expand the program on their own

Lodging

  • Expands affordable housing, public housing and rent assistance programs
  • Expands down payment assistance to promote home ownership
  • Expands lead paint removal efforts
  • Supports community-led redevelopment in low-income neighborhoods
  • Encourages local governments to ease zoning restrictions that limit housing density

Education

  • Increases Pell Grants For College Costs
  • More help for historically black colleges and other schools serving minorities
  • Increases Ministry of Labor vocational training programs by 50%

Immigration*

  • $ 100 billion in “immigration reform”, which represents additional funding beyond the $ 1.75 trillion
  • Efforts to reduce backlogs, expand legal services, and improve border processing and asylum programs

Other programs

  • Expands low-income working tax credit to cover those without children
  • More money for rural projects
  • Supports intervention against community violence

Taxes

  • 15% minimum corporate income tax for companies with more than $ 1 billion in profits
  • 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
  • Close the loophole to prevent the rich from avoiding the 3.8% Medicare tax
  • Strengthen the Internal Revenue Service to improve customer service and focus enforcement on wealthy tax evaders
  • Expands a deduction for national and local taxes that primarily benefits high-income households in high-tax states. Republicans reduced this benefit in their 2017 tax cut plan

* The provisions relating to immigration could be removed from the legislation by the parliamentarian of the Senate


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