Washington (AP) — President Joe Biden outlined Thursday after months of talks with Democrats $ 1.75 trillion framework We support families and education and protect them from global warming.
The updated plan includes universal preschool, funding to limit childcare costs, and a one-year continuation of the child tax credit that was expanded earlier this year and applied to more families. However, the Democratic Party is curtailing some investments and shortening the funding period to reduce spending. Some proposals have been completely withdrawn. More negotiations are possible.
The framework fits into a budget of about $ 1.75 trillion over a 10-year period, rather than the originally envisioned $ 3.5 trillion budget plan.
According to the White House, the contents of the package are:
Tax reduction
— The expanded child tax credit will continue for another year. As part of the COVID bailout bill, the Democratic Party has raised tax credits to $ 3,000 per child aged 6 to 17 and $ 3,600 per child aged 5 and under. Households that earn up to $ 150,000 a year are paid monthly credits. Budget hawks worry that a one-year extension is a budgeting tool that lowers the cost of paper programs, but it covers the true cost because lawmakers tend to continue the program rather than expire it. I will hide it.
— Continue the extended earned income tax credit applicable to 17 million childless low-income workers for one year.
education
— A universal kindergarten for all ages 3 and 4 and a childcare subsidy for poor middle-income Americans are part of the package. However, the program has only been funded for six years.
— Provides $ 40 billion for higher education and workforce development. This includes expanding the scale of Pell Grant and funding historic black colleges and educational institutions where students serve primarily Hispanic or tribal communities.
Health care
— Medicare will be extended to cover hearing aids and will cost an estimated $ 35 billion over 10 years.
— The extended tax credit for premiums related to the Affordable Care Act will be extended until 2025. The White House said it would help 3 million uninsured people get insurance.
— Donate $ 150 billion to a Medicaid program that supports home care to help eliminate backlogs and improve working conditions.
— Provides $ 90 billion in investments, including maternal health, community violence initiatives, disadvantaged farmers, nutrition, and funding for pandemic preparedness.
Childcare
— Biden’s plan requires parents who earn up to 250% of the state’s median income to pay less than 7% of their income for childcare. Parents need to be working at school, looking for a job, or working on health issues to qualify.
housing
— Invest $ 150 billion in affordable homes with the goal of building over 1 million new rental and single-family homes. The goal is to reduce price pressure by providing rental and down payment support.
environment
— Fund a $ 320 billion worth of clean energy tax credits. Over a decade, these credits help businesses and homeowners move to renewable energy sources in the electricity, automotive and manufacturing industries.
— Invest $ 105 billion to improve the community’s ability to withstand extreme weather events caused by climate change. The funding will also create a private climate corps that will focus on the conservation of public land and enhance the resilience of the community to floods, droughts and other meteorological emergencies.
— We will provide $ 110 billion to support the development of new domestic supply chains and new solar and battery technologies. Support will also be provided to the existing steel, cement and aluminum industries.
— The government will spend $ 20 billion to become a purchaser of clean energy technology as part of the procurement process.
tax
— Strengthen the IRS to improve collection and bridge the gap between unpaid and paid taxes.
— A minimum of 15% income tax on large corporations and a 1% surcharge on corporate share buybacks.
— New additional tax on millions and millionaires.
— Align the United States with an agreement reached by more than 100 countries earlier this month, designed to prevent multinationals from hiding their interests in low-tax countries.
— Close provisions that allow some wealthy taxpayers to avoid paying a 3.8% Medicare tax on their income.
What’s out of the bill
— Due to overall cost concerns, there are proposals to extend Medicare to dental and visual care.
— Proposals to provide paid family and medical leave to new parents, caregivers of loved ones, or those recovering from illness. The United States is one of the only countries in the world that does not guarantee paid leave.
— Proposal to have Medicare negotiate prescription drug prices.
Biden offers a reduction plan, so what’s in and what’s out
Source link Biden offers a reduction plan, so what’s in and what’s out
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