Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Factbox: What's in Biden's $1.75 trillion 'Build Back Better' package?

CommoditiesNov 19, 2021 10:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on his Build Back Better infrastructure agenda at the NJ TRANSIT Meadowlands Maintenance Complex in Kearny, New Jersey, U.S., October 25, 2021. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) - The Democratic-controlled U.S. House of Representatives on Friday passed President Joe Biden's $1.75 trillion social policy and climate package, sending it back to the Senate where it is likely to be modified further.

Here is what the latest version contains, according to the White House:

FAMILY BENEFITS

- Free preschool for all 3- and 4-year-olds

- Support for childcare costs: Families that earn less than $300,000 a year would pay no more than 7% of their income on childcare

- Tax credits worth up to $300 a child per month

- Bolsters coverage of home-care costs for the elderly and disabled through the Medicaid health program

- Expands free school meals and provides $65 a month in grocery money during summer months for 29 million low-income children who are eligible for free lunches at school

CLIMATE

- Rebates and credits to cut the cost of rooftop solar systems by 30% and American-made, union-made electric vehicles by $12,500

- Incentives to encourage U.S. manufacturing of clean energy technology and shift other industries to reduce carbon emissions

- Creates a 300,000-strong Civilian Climate Corps to work on environmental and climate projects

- Creates a Clean Energy and Sustainability Accelerator to invest in climate-related projects, with at least 40% serving disadvantaged communities

- New spending on coastal restoration, forest management and soil conservation

HEALTHCARE

- Enables the Medicare health plan for seniors to negotiate lower prices for prescription drugs that have been on the market for at least nine years

- Penalizes drug companies that increase prices faster than inflation

- Caps out-of-pocket prescription drug prices at $2,000 a year and lowers insulin prices to $35 a month

- Expands Medicare to cover hearing aids

- Reduces Affordable Care Act premiums by an average of $600 per person a year

- Expands Medicaid coverage to low-income people in the 12 states that have opted not to expand the program on their own

HOUSING

- Expands affordable housing, public housing and rental assistance programs

- Broadens down-payment assistance to bolster 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 aid for historically Black colleges and other minority-serving schools

- Boosts the Labor Department's job-training programs by 50%

IMMIGRATION

- $100 billion in "immigration reform," which is additional funding beyond the $1.75 trillion

- Efforts to reduce backlogs, expand legal services and improve border processing and asylum programs

OTHER PROGRAMS

- Expands a tax credit for low-income workers to cover those who do not have children

- More money for rural projects

- Supports community violence intervention

TAXES

- 15% minimum tax on corporate profits for companies with more than $1 billion in profits

- 1% surcharge on stock buybacks

- 15% minimum tax on foreign profits of U.S. corporations

- 5% surtax on personal income above $10 million

- additional 3% surtax on income above $25 million

- close loophole to prevent wealthy from avoiding 3.8% Medicare tax

- bolster the Internal Revenue Service to improve customer service and focus enforcement on wealthy tax evaders

- expands a deduction for state and local taxes that primarily benefits upper-income households in high-tax states. Republicans reduced that benefit in their 2017 tax-cut package.

 

 

Factbox: What's in Biden's $1.75 trillion 'Build Back Better' package?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Trevor Roberts
LimitUp Nov 23, 2021 5:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
When i say that slogan, my IQ feels like it plummets
Adrian White
Adrian White Nov 23, 2021 5:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guess you prefer "Be Best"?
William Riley
William Riley Nov 19, 2021 7:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
reccomend the Heritage Foundation as the best source
Tre Hsi
Tre Hsi Nov 19, 2021 7:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"Heritage Foundation as the best source"  -- that made me spit out my coffee, thanks for the laugh
Felipe Daniel
Felipe Daniel Nov 19, 2021 10:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Complete special interests crafted by George Soros. Special deals for Democrat governors to bail them out of their failed policies in CA, IL, NY.
Tre Hsi
Tre Hsi Nov 19, 2021 10:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
well, I have to admit, nowhere can compare to the super successful republican states like Mississippi or West Virginia
Joey Takach
Joey Takach Nov 19, 2021 10:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Entitlements, payouts for democract donars and loyalist, freebies and so on. While China and Russia are building up their military. I think we know what the outcome will be veey soon.
Tre Hsi
Tre Hsi Nov 19, 2021 10:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so you are honestly telling me that US needs to increase its $2 trillion defense budget?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email