What’s inside and out, as the vote on Bill Biden draws near | New policies
By JOSH BOAK and KEVIN FREKING, Associated Press
WASHINGTON (AP) – President Joe Biden’s $ 1.85 trillion plan to boost social and educational programs as well as protect against global warming continues to be refined by Democrats in Congress with a new target of complete the work before Thanksgiving.
The updated plan includes a universal preschool, funding to limit child care costs, and a one-year extension of a child tax credit that was expanded earlier this year and applied to more. of families. But Democrats are cutting some investments and shortening the funding period to cut spending. Some proposals were completely abandoned.
The House is working to pass the legislation soon, but it will still have to authorize the Senate, where revisions are likely.
The framework corresponds to a budget of around $ 1.85 trillion over 10 years, instead of the $ 3.5 trillion budget plan initially envisioned.
Here’s what’s in the package, based on summaries provided by the White House and the House.
– An expanded child tax credit would be maintained for another year. As part of a COVID relief bill, Democrats increased the tax credit to $ 3,000 per child aged 6 to 17 and to $ 3,600 per child aged 5 and under. Households earning up to $ 150,000 per year get credit paid to them on a monthly basis. Budget hawks fear that a one-year extension is a budget tool that will reduce the cost of the program on paper, but hide its true costs, as lawmakers tend to continue programs rather than let them expire.
– The expanded earned income tax credit that goes to 17 million low-wage, childless workers would be maintained for one year.
– A universal preschool would be in place for all 3- and 4-year-olds, and child care subsidies would be provided to the poorest and middle-income Americans. But the programs are only funded for six years.
– $ 40 billion would be devoted to higher education and workforce development. This includes increasing the size of the Pell Grants and funding historically black colleges and universities as well as institutions that largely serve Hispanic students or tribal communities.
– Medicare would be extended to cover hearing aids, which would cost around $ 35 billion over 10 years.
– Expanded tax credits for insurance premiums tied to the Affordable Care Act would be extended until 2025. The White House says this would help 3 million uninsured people get coverage.
– $ 150 billion for a Medicaid program that supports home health care, helps clear a backlog and improves working conditions.
– $ 90 billion for investments that would include funding for maternal health, community violence initiatives, underprivileged farmers, nutrition and pandemic preparedness.
– Medicare Part D reimbursable expenses for older Americans would be capped at $ 2,000 and the price of insulin reduced to $ 35 per dose at most.
– A Medicare drug negotiation program would be put in place. Each year, the Secretary of Health and Social Services would identify 100 brand name drugs with no price competition and from that list, he would negotiate the price of up to 10 drugs in 2025, 15 in 2026 and 2027, and 20 thereafter. Insulin products also need to be traded. A drug selected for negotiation would continue to be included in the program until competition enters the market.
– Biden’s plan says parents earning up to 250% of a state’s median income should pay no more than 7% of their income for child care. Parents must be working, looking for a job, attending school or having a medical condition to be eligible.
– $ 150 billion would be devoted to affordable housing to build more than one million new rental and single-family homes. The aim would be to reduce price pressures by providing rental and down payment assistance.
– Clean energy tax credits would benefit from funding of $ 320 billion. These 10-year credits would help businesses and homeowners switch to renewable energy sources for electricity, vehicles and manufacturing.
– $ 105 billion would be spent on investments that would improve the capacity of communities to withstand extreme weather conditions caused by climate change. The funding would also create a Civilian Climate Corps that focuses on conserving public lands and building the resilience of communities to floods, droughts and other weather emergencies.
– $ 110 billion would help develop new national supply chains and develop new solar and battery technologies. Support would also be given to the existing steel, cement and aluminum industries.
– $ 20 billion would be allocated to the government to become the purchaser of clean energy technologies as part of its procurement process.
– $ 9 billion would be allocated to lead remediation projects, such as replacing water pipes or replacing drinking water fountains in schools that may contain lead.
– Biden’s plan strengthens the IRS to improve collections and close the gap between taxes owed and taxes paid.
– A minimum income tax of 15% would be applied to large companies, as well as a 1% surtax on corporate share buybacks. The United States would also be aligned with an agreement reached by more than 100 countries aimed at dissuading multinational companies from hiding their profits in low-tax countries.
– The bill would create a new surtax on multimillionaires and billionaires and close a provision that allows some wealthy taxpayers to avoid paying the 3.8% Medicare tax on their income.
– A limit of $ 10,000 on national and local tax deductions would be raised to $ 72,500. Tax analysts say the change would largely benefit higher-income households.
– Those who entered the United States before January 2, 2011 and have resided continuously since then would be eligible for renewable parole for five years after paying administrative fees and completing security and background checks. Parole status gives recipients permission to travel and work in the United States and considers them eligible for a Real ID-compliant driver’s license or state ID card.
FAMILY AND MEDICAL LEAVE WITH PAY
– Eligible workers would receive up to four weeks of paid leave to reimburse them for time spent caring for a new child or other family members or recovering from illness. Biden had originally proposed 12 weeks of paid family leave.
– A proposal to extend Medicare to cover dental and vision care was rejected due to cost concerns.
– A proposal to allow up to two years of free community college has come out.
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