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What's in Joe Biden's new $1.75 trillion spending framework

The White House said the plan has the support of Democrats in the Senate and House of Representatives. Progressive Democrats in the House, however, have said they want to see the full text before making any deals.

October 29, 2021 / 08:11 AM IST
Joe Biden addressing UN General Assembly (Image: Twitter/@ANI)

Joe Biden addressing UN General Assembly (Image: Twitter/@ANI)


U.S. President Joe Biden presented a social and climate spending plan on Thursday to Congress and voters.

The White House said the plan has the support of Democrats in the Senate and House of Representatives. Progressive Democrats in the House, however, have said they want to see the full text before making any deals.


INCLUDED


*$555 billion in clean energy tax credits


*1% tax on corporate stock buybacks


*15% minimum tax on corporate profits of U.S. companies with over $1 billion in profits.

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*Free preschool for 3- and 4-year-olds for six years, expanded home care for elderly.


* Limit on child care costs for families to no more than 7% of income for families earning up to 250% of state median income.


* Extend expanded child tax credit for one year.


* Extend the expanded Affordable Care Act premium tax credits through 2025.


NOT INCLUDED


*A proposal to allow the U.S. government to negotiate prescription drug prices to make them cheaper.


*Paid family leave


*A billionaire tax floated this week

* Changes to the state and local tax deduction, known as SALT, which Republicans capped at $10,000 per taxpayer to help pay for their 2017 tax cuts



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Reuters
first published: Oct 29, 2021 08:11 am
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