US "Historic Investment" Of $1.75 Trillion On climate change, Education & Affordable Housing
United States President Joe Biden on Thursday announced a revamped "historic investment" of $1.75 trillion on a social spending bill just ahead of his Europe trip. During the announcement of the bill in parts earlier, Biden also acknowledged the struggle to reach consensus on a pair of "landmark bills." The Build Back Better Act was proposed a day before President Biden and the first lady Jill Biden embarked upon a journey to Europe to attend two major summits in a row- G20 in Rome, Italy, and COP26 in Glasgow, Scotland. The bill is a revised and reduced version of the $3.5 trillion social spending bill unveiled at the beginning of the year. As per the revamped bill, the $1.75 trillion investment is broken down into three major divisions among others. For fighting climate change, mainly through tax incentives for low-emissions and renewable energy, Biden has stipulated $555 billion. For free and universal pre-school for ages three to four years olds, another $400 billion has been separated. Another $150 billion has been kept for one million affordable housing units President Biden has promised to pay for the bills without adding to the deficit and has proposed to balance the umbrella cost with an estimated $2 trillion revenue increase by implementing a 15% tax on reported profits on large firms. If the bill is passed, the government plans to impose an additional 5% and 3% tax on incomes above $10 million and $25 million a year respectively. Stricter measures on tax evasion by rich and large corporations will also be implemented.
Tags : INTERNATIONAL Affordable Housing Renewable Energy Climate Change Joe Biden Tax Incentives United States President Historic Investment Low-Emissions