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U.S. President Joe Biden Focuses on Climate Change and Social Welfare with US $ 2 Trillion Plan

In a sudden change, the White House has highlighted a new plan to pay President Joe Biden’s $ 2 trillion social services and part of a climate change package, adding new millionaire taxes to investments, while corporate tax rates. Shelving the proposed significant increase in the interests of the very wealthy Americans.

When Biden returned to his hometown of Scranton, Pennsylvania, a reversal took place to emphasize the middle-class values ​​he said were at the heart of the package in which the Democrats were competing to end. Biden faces resistance from key supporters, including Democratic Senator Kyrsten Cinema. This has been declared dead on arrival from the moment I introduced it, but I think we’ll be surprised because I think people are beginning to understand that they are at stake, Biden said. He returned to Japan for the first time since he became president, as he said in a speech at the Electric City Trolley Museum in Scranton.

Negotiations between the White House and Capitol Hill Democratic leaders are currently underway in a reduced package, yet an unprecedented federal government that expands the social welfare of millions and confronts the heightened threat of climate change. It will be a government effort. This is combined with a US $ 1 trillion individual bill to renew roads and bridges. After Biden and his Democrats strive to bridge his former drastic US $ 3.5 trillion vision favored by progressives with a more limited focus who can win the party’s centrism. , Gave them a deadline to reach an agreement. He doesn’t have a generous Democratic vote for a tightly divided parliamentary passage, and leaders want an agreement by the weekend.

But the newly proposed tax system could afflict progressives, and even moderate Democrats, who have long campaigned to revoke the 2017 GOP tax cut, unfairly reward the wealthy. Many believe that income inequality with gaps. Authorities discussed tax alternatives with parliamentary leaders, according to someone familiar with personal talks and allowing them to talk anonymously. Changes may be needed to beat Cinema, which was opposed to plans to raise prices for companies that earn more than $ 400,000 a year and wealthy individuals, he and others said.

Currently, the corporate tax rate is 21% and the Democratic Party wants to raise it to 26.5% for companies that earn more than US $ 5 million annually. The maximum personal income tax rate will increase from 37% to 39.6% for incomes above US $ 400,000 and to US $ 450,000 for married couples. With fluctuations floating, the 21% corporate rate remains the same. However, this revision is not all good for large corporations and the wealthy. The White House is reviving Biden’s idea of ​​a minimum corporate tax rate similar to the 15 percent tax rate proposed earlier this year. It is Biden’s frequent target of complaining about zero taxes, even for companies that say they have no taxable income.

And there could be a new millionaire tax modeled after the legislation of Senator Ron Wyden (D-Ore.) Of the Finance Commission. American. Cinema did not publicly state her position, and her office did not respond to requests for comment.

Another major Democrat, West Virginia Conservative Senator Joe Manchin, said he prefers a 25 percent corporate rate. He has withheld support for the bill, further challenging the climate change and social welfare provisions. In a phone call between the administration and the White House, Weiden emphasized the importance of putting an end to the two US tax laws, and ultimately to the people working in the country, the wealthiest Americans are like them. Said he showed that he would pay taxes. It’s possible because the Democrats seem to be united and making progress, in favor of smaller, more viable proposals that the party can unite, and ready to abandon what was a higher package. A shift will occur.

Combination: At least US $ 500 billion to combat climate change, US $ 350 billion before childcare subsidies and free kindergarten, new federal program for at least 4 weeks of paid family leave, US $ 300 1 year extension COVID-19 Monthly child tax deductions implemented during the crisis and funding for health care provided through the Affordable Care Act and Medicare. Likely to be eliminated or reduced: It was central to the plans for a free tuition community college, the path to permanent legal status for certain U.S. immigrants, and Byden’s strategy to combat climate change. Clean energy plan. After the morning meeting of Democrats, Congressman Progressive Caucus leader Pramirajayapal said nothing would be decided until everything was decided. We are just trying to get it done. Worried that Democrats rarely show voters despite election promises and struggle to explain what they’re trying to do with a large package of so many different proposals doing.

It was a difficult order that led to a full push on Wednesday to answer the question, “What’s in the damn bill?” He mentioned it as a press release from Senator Bernie Sanders, who became independent of Vermont. In particular, the President wants to advance his signed domestic package to strengthen federal social services and address climate change by the time he departs for next week’s Global Climate Summit. Democratic Rep. Ro Khanna, a member of the progressive Caucus, said: Manchin reveals that he opposes the president’s original energy plan to impose government penalties on utilities that do not meet clean energy standards and give financial rewards to utilities that do not meet the standards. I made it. Instead, Biden is focused on providing tax credits, grants and loans of at least US $ 500 billion to energy producers who meet their emission reduction targets.

On the other side, to maintain Biden’s first sweep, Democrats are moving to hold much of the program, but shortening the period to reduce costs. Biden wants to extend the US $ 300 / month child tax credit introduced during the COVID-19 crisis for another year, not the period the Democrats wanted, rather than expiring it in December. What was supposed to be a one-month federal paid family vacation program was able to reduce the effort to start at least four weeks, rather than abolishing the program.

Biden also wants to secure funding for health care programs, including home and community-based health care services, to help move away from a wide range of nursing home care. And new programs proposed by Sanders to provide the benefits of dentistry, vision, and hearing aids to Medicare people may remain in some way. Biden told lawmakers that US $ 300 billion would remain after his top priority. It may lower the overall price tag or be used by other programs.

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U.S. President Joe Biden Focuses on Climate Change and Social Welfare with US $ 2 Trillion Plan

Source link U.S. President Joe Biden Focuses on Climate Change and Social Welfare with US $ 2 Trillion Plan

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