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

WASHINGTON (Reuters) – The Democrat-controlled US House of Representatives on Friday passed President Joe Biden’s $ 1.75 trillion social and climate policy package, sending him back to the Senate where he is likely to be further modified.

Here’s what’s in the latest version, according to the White House:

FAMILY BENEFITS

– Free kindergarten for all 3 and 4 years old

– Coverage of child care costs: families earning less than $ 300,000 per year would not pay more than 7% of their income for child care

– Tax credits up to $ 300 per child per month

– Strengthens the 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 the summer months for 29 million low-income children who qualify for free school lunches

WEATHER

– Rebates and credits to reduce the cost of solar rooftop systems by 30% and electric vehicles made in the United States and manufactured by unions by $ 12,500

– Incentives to encourage the manufacture in the United States of clean energy technologies and to displace other industries to reduce carbon emissions

– Creates a civil climate body of 300,000 people 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 for coastal restoration, forest management and soil conservation

HEALTH CARE

– Allows Medicare Health Plan for Seniors to negotiate lower prices for prescription drugs that have been on the market for at least nine years

– Penalize pharmaceutical companies that raise prices faster than inflation

– Capped prescription drug prices at $ 2,000 per year and lowered 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

– Extends Medicaid coverage to low-income people in the 12 states that have chosen not to expand the program on their own

LODGING

– Expands affordable housing, social housing and rental assistance programs

– Expands down payment assistance to promote home ownership

– Expands lead paint removal efforts

– Supports community-led redevelopment in low-income neighborhoods

– Encourages local governments to relax zoning restrictions that limit housing density

EDUCATION

– Increases Pell grants for college costs

– More help for historically black colleges and other schools serving minorities

– Increases employment training programs of the Ministry of Labor by 50%

IMMIGRATION

– $ 100 billion in “immigration reform”, which represents 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 without children

– More money for rural projects

– Supports intervention in community violence

TAXES

– 15% minimum corporate income tax for companies with more than $ 1 billion in profits

– 1% surcharge on share buybacks

– 15% minimum tax on foreign profits of American companies

– 5% surcharge on personal income over $ 10 million

– additional 3% surtax on income over $ 25 million

– close the loophole to prevent the rich from avoiding Medicare tax of 3.8%

– strengthen the Internal Revenue Service to improve customer service and focus the application on wealthy tax evaders

– extends a deduction for national and local taxes that mainly benefits high-income households in high-tax states. Republicans reduced this benefit in their 2017 tax cut plan.

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


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