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President Biden Announces the Build Back Better Framework

Last week, the White House announced President Biden’s Build Back Better Framework that will guide the drafting of legislative language in the Build Back Better Act. The President hopes, “this framework will set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow our economy from the bottom up and the middle out.”

While it remains to be seen if there is enough support from both Democrats and Republicans to pass this legislation, you can read the fact sheet here. Some of the topics outlined include: childcare, climate change, healthcare, housing and education.

A breakdown of the projected costs and funding is below.

Investments

$ billion

Child Care and Preschool

400

Home Care

150

Child Tax & Earned Income Tax Credits

200

Clean Energy and Climate Investments

555

ACA Credits, Including in Uncovered States

130

Medicare Hearing

35

Housing

150

Higher Ed and Workforce

40

Equity & Other Investments

90

Total

1750

Immigration

100

 

 

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

 

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https://www.nase.org/about-us/media-relations/News/nase-in-the-news/2021/11/01/president-biden-announces-the-build-back-better-framework