Biden announces Build Back Better Framework, $1.75tn social spending plan



has unveiled a framework for a $1.75 trillion social spending package following weeks of intensive negotiations with Congressional Democrats.


The so-called Build Back Better Framework includes $555 billion in and climate investments; $400 billion in funding for child care and free preschool; $200 billion in child tax and earned income tax credits; and $150 billion in investments for affordable housing, according to a fact sheet released by the White House on Thursday.





The framework seeks to impose new taxes on the largest corporations and the wealthiest Americans to raise revenue of around $2 trillion over a decade to fully pay for the social spending plan, reports Xinhua news agency citing the fact sheet.


If passed, the framework will impose a 15 per cent minimum tax on corporate profits for firms with earnings over $1 billion reported to shareholders, and a 1 per cent surcharge on corporate stock buybacks, according to the fact sheet.


The framework would also apply a 5 per cent surtax rate on individual incomes above $10 million and an additional 3 per cent surtax on incomes above $25 million.


The framework is far smaller than Biden’s original $3.5 trillion proposal, and it has not been written into legislative language yet.


“No one got everything they wanted, including me, but that’s what compromise is. That’s consensus,” Biden said in remarks at the White House on Thursday before departing for a week of summits in Europe.


“Given half a chance, the American people have never ever, ever, ever left the country down, so let’s get this done,” the President said, urging Congress to pass both the social spending package and the bipartisan infrastructure bill.


It’s not clear whether the framework would pave the way for the House of Representatives to approve the $1.2 trillion bipartisan infrastructure bill that was passed by the Senate earlier this year.


Progressive House Democrats have held up the Senate-passed bill for months, demanding a vote on the larger social spending plan.


–IANS


ksk/


 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link

Latest

Covid linked to longer-term elevated risk of brain fog and dementia

Millions of people who have had Covid-19 still face...

‘False sense of safety’: Push to remove shark nets from Australia’s most famous beach

Shark nets are ineffective and just "creating a false...

FBI docs reveal further information about Brad Pitt, Angelina Jolie 2016 plane incident

LOS ANGELES — Angelina Jolie said Brad Pitt accused...

Release of Convicts Has Shaken My Faith in Justice: Bilkis Bano

Bilkis Bano, a survivor of the 2002 post-Godhra riots in Gujarat, on Wednesday said the premature release of all the 11 convicts serving a...