In addition to the infrastructure bill, the Senate also passed a $ 3.5 trillion budget framework. What includes? Here the details.
On Tuesday, August 10, the United States Senate approved the infrastructure bill . Hours later, during the early hours of Wednesday, Upper House Democrats also approved a $ 3.5 trillion budget plan, another high on the agenda of President Biden’s administration.
Now, both pieces of legislation will go to the House of Representatives; however, they will be considered within two weeks , as the lower house is in recess.
What does the $ 3.5 trillion budget framework include?
The new budget framework includes measures to help families such as subsidized child care and an extension of the expanded child tax credit . It will also include education measures , such as new universal preschool programs for three- and four-year-olds, as well as two years of free community college. It will also provide green cards to millions of immigrants.
The new legislation contemplates expanding the expanded subsidies of the Affordable Care Act (Obamacare) . The plan will also expand Medicare benefits to cover dental, vision and hearing services, in addition to reducing the cost of prescription drugs.
In addition, the resolution includes measures to combat the climate crisis , from tax credits for investments in clean energy and a plan on clean electricity, aimed at reducing carbon emissions in the electricity sector by 80% and in the entire economy by 50 % by 2030. Democrats also propose import tariffs for those who pollute.
How would this budget plan be financed?
Democratic lawmakers have signaled that the plan will be funded by increased taxes on corporations and high-income households ; however, they have not established a specific increase.
For his part, President Biden has proposed raising the corporate tax rate from 21% to 28% , as well as raising the maximum tax rate on capital gains from 23.8% to 43.4%.
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