Build Back Better Bill
Biden’s Build Back Better Plan may get a vote in the House later this week, and if it passes, then it will be on to the Senate for further negotiations and consideration. This is the soft infrastucture part of Biden’s proposal to restore America. It has now passed the House and is going to the Senate.
Its cost is projected at $1.75 trillion over ten years. It includes the following: Childcare and pre-school ($400 billion), home care ($150 billion), child tax credits and earned income tax credits ($200 billion), clean energy and climate ($555 billion), ACA improvements ($130 billion), Medicare hearing aids ($35 billion), increased affordable housing ($150 billion), higher education ($40 billion), immigration ($100 billion), equity and other investments ($90 billion).
It is paid for by setting some alternative minimum taxes for large profitable corporations that pay zero in tax, by assuring the highest income Americans pay their fair share, and by negotiating the prices of Medicare’s drug coverage with the big pharmaceutical manufacturers. CBO concluded that it was not fully paid for, but CBO did not include any revenues from beefing up IRS enforcement on those high income earners dodging their tax liabilities.
For kids and their parents, grandparents too. Universal preschool for three and four year olds, subsidies for child care costs for kids 0-3 so that parents pay not more than 7% of income, child tax credits of $300 a month for young children and $250 a month for older children, and an increase in Pell grants to help pay for college.
For your health. Coverage through the Exchanges for low-income people in the twelve states who have not expanded their Medicaid coverage to the working poor as financed under the ACA, coverage for hearing aids through Medicare, continuation of the reduced premiums in the Exchanges, elimination of the waiting lists for home and community based services for seniors and the disabled, cap on the growth of prescription drug prices, and Medicare negotiation of prices of some prescription drugs.
Climate. Clean energy tax credits and incentives for renewables.
State and local taxes: restores the taxpayer’s deduction for state and local taxes (e.g. your property tax and your income tax) that was capped at $10,000 by Trump.
Immigration: there would be a five year parole for some undocumented workers who arrived prior to 2011 and have not been in any trouble with the law. This is likely to fall out as the Senate parliamentarian is likely to rule it’s not germane to budget reconciliation
Family leave: Four weeks of paid family or medical leave. This is a reduction from 12 weeks in earlier versions, but may fall out in the Senate due to Senator Manchin’s opposition.
You might want to write your local Congressperson to express your support for this legislation. I am.
Lucien Wulsin
11/16/2021