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
Higher Ed and Workforce
40
Equity & Other Investments
90
Total
1750
Immigration
100
Offsets – Estimates, Subject to Confirmation
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
Prescription Drugs: Repeal Rebate Rule
145
Up to a Total of:
1995
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2021/11/01/president-biden-announces-the-build-back-better-framework