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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