The Democratic Party wants to pass the bill at Thanksgiving. Family medical leave, taxes, health care, and more are still available:
Washington, DC, USA — President Joe Biden Now-$ 1.85 trillion plan To support social and educational programs and protect against global warming Continues to be tweaked by Congressional Democrats I have a new goal of completing my work before Thanksgiving.
The updated plan includes universal preschool, funding to limit childcare costs, and a one-year continuation. Child tax deduction It was expanded earlier this year and applied to more families. However, the Democratic Party is curtailing some investments and shortening the funding period to reduce spending. Some proposals have been completely withdrawn.
The House of Representatives is working to pass the bill soon, but it needs to clear the Senate, which may be amended.
The framework fits roughly Budget of $ 1.85 trillion in 10 years, Not the originally envisioned $ 3.5 trillion budget plan.
Based on the White House and the summary provided by the House, the contents of the package are as follows:
- NS Expanded child tax credit It will last for another year. As part of the COVID bailout bill, the Democratic Party has raised tax credits to $ 3,000 per child aged 6 to 17 and $ 3,600 per child aged 5 and under. Households that earn up to $ 150,000 a year receive monthly credits. Budget hawks worry that a one-year extension is a budgeting tool that lowers the cost of paper programs, but it covers the true cost because lawmakers tend to continue the program rather than expire it. I will hide it.
- Continue the extended earned income tax credit applicable to 17 million childless low-wage workers for one year.
- A universal kindergarten is set up for all 3 and 4 year olds, with childcare subsidies for poor middle-income Americans. However, the program has only been funded for six years.
- $ 40 billion will be provided for higher education and workforce development. This includes scaling up Pell Grant and funding historically black colleges and institutions that serve primarily Hispanic student and tribal communities.
- Medicare will be extended to cover hearing aidIt will cost an estimated $ 35 billion over 10 years.
- Extended tax credits for premiums related to the Affordable Care Act will be extended until 2025. The White House says it helps 3 million uninsured people get insurance.
- $ 150 billion in Medicaid programs that help support home care, eliminate unprocessed work, and improve working conditions.
- $ 90 billion in investments including maternal health, community violence initiatives, disadvantaged farmers, nutrition, and funding for pandemic preparedness.
- We will limit the cost of Medicare Apartment D, which is paid by older Americans, to $ 2,000 and reduce the price of insulin to less than $ 35 each time.
- Establish a Medicare drug negotiation program. Each year, the Director of Health and Welfare identifies 100 branded drugs that lack price competition and negotiates prices for up to 10 drugs in 2025, 15 drugs in 2026 and 2027, and then 20 drugs from the list. Insulin products also need to be negotiated. The drugs selected for negotiation will continue to be included in the program until competition hits the market.
- According to Biden’s plan, parents who earn up to 250% of the state’s median income should not pay more than 7% of their income for childcare. Parents need to be working at school, looking for a job, or working on health issues to qualify.
- We will invest $ 150 billion in affordable housing with the goal of building more than one million new rental and single-family homes. The goal is to reduce price pressure by providing rental and down payment support.
- The Clean Energy Tax Credit will receive $ 320 billion worth of funding. Over a decade, these credits help businesses and homeowners move to renewable energy sources in the electricity, automotive and manufacturing industries.
- We will invest $ 105 billion to improve the community’s ability to withstand extreme weather events caused by climate change. The funding will also create a private climate corps that will focus on the conservation of public land and enhance the resilience of the community to floods, droughts and other meteorological emergencies.
- We will provide $ 110 billion to support the development of new domestic supply chains and new solar and battery technologies. Support will also be provided to the existing steel, cement and aluminum industries.
- The government will spend $ 20 billion to become a purchaser of clean energy technology as part of the procurement process.
- Allocate $ 9 billion to lead restoration projects, such as replacing water pipes and replacing school drinking fountains that may contain lead.
- Biden’s plan will improve collections and strengthen the IRS to bridge the gap between unpaid and paid taxes.
- Large companies are subject to a minimum income tax of 15% and a company’s share buyback is subject to an additional 1%. The United States will also be in line with an agreement reached by more than 100 countries designed to prevent multinationals from hiding their interests in low-tax countries.
- The bill closes provisions that create new additional taxes for millions and millionaires and allow some wealthy taxpayers to avoid paying a 3.8% Medicare tax on their income. increase.
- Increase the state and local tax deduction limit from $ 10,000 to $ 72,500. Tax analysts say the change will bring significant benefits to high-income households.
- Persons who arrived before January 2, 2011 and continue to reside in the United States will be eligible for a five-year renewable parole grant upon payment of administrative fees, security and background checks. increase. Parole status grants the recipient permission to travel and work in the United States and considers them eligible for a REAL ID-compliant driver’s license or state ID.
Paid family and medical leave
- Eligible workers receive up to four weeks of paid leave to reimburse the time it takes to care for new children and other family members and recover from illness. Biden initially offered a 12-week paid family vacation.
So what’s coming out of the Biden bill?
- Proposals to expand Medicare to cover dental and visual care stem from cost concerns.
- Proposal to allow free community colleges for up to 2 years.
Medicare, Child Credits, Paid Leave: What’s Still on Biden’s Bill?
Source link Medicare, Child Credits, Paid Leave: What’s Still on Biden’s Bill?