What’s in Biden’s $1.75 trillion ‘Build Back Better’ package?

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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 child care costs: Families that earn less than $300,000 per year would pay no more than 7% of their income on child care

– Tax credits worth up to $300 per 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 per 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 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 per year and lowers insulin prices to $35 per month

– Expands Medicare to cover hearing aids

– Reduces Affordable Care Act premiums by an average of $600 per person per 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 had reduced that benefit in their 2017 tax-cut package

(Reporting by Andy Sullivan; Editing by Scott Malone and Jonathan Oatis)



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