Build Back Better! Saturday Political Soap Box 280

 

Let's set aside our blind partisan anger, our reflexive cries of SOCIALISM., and look to what is really in the original Build Back Better Bill.*

Universal Pre-K for Children 3 years old and up

Free Community College

Extension of the Child Care Tax Credit, up to $3,600 a year

Investments in Child Care and Elderly Home Care and Disability Home Care

Paid Family Leave

Offers consumer rebates and tax credits to make switching to clean energy alternatives affordable for homeowners

Ensuring that Clean Energy Technology is built in the United States

Encouraging and subsidizing clean energy investment

Investments in forest management, coastal restoration, and soil conservation

Prescription Drug Cost controls

Allow Medicare to negotiate lower drug prices

Strengthens the Affordable Care Act and reduces premiums

Closes the Medicaid coverage gap

Expands Medicare to cover hearing benefits

Expand Medicare to cover dental and vision

Investments in affordable housing

Expands the Earned Income Tax Credit

Promote nutritional security to children

Invest in immigration reform

Funding for rural areas, supply chain improvements, and maternal health

The items in italics have already been eliminated by Joe Manchin.  I don't know whether, in your mind, that makes Joe Manchin a hero or a villain,  But you do need to remember - Joe Manchin is responsible.  And he may cut out more before he is done.

But, Tom, you ask, how will all this be paid for?

I'm glad you ask.  Why you don't ask when it's the Bipartisan Infrastructure Bill, or the Defense Budget, massive reductions in tax rates for the wealthy and large corporations, I don't know.  Maybe it's only important when it's for everyday people.

Nevertheless, the White House thinks it's covered.

There are a series of measures designed to make sure the wealthy and large corporations pay their fair share.  No more mega-corporations paying zero income tax!  It ensures that corporations cannot profit or avoid taxation by shipping jobs overseas.  If you make over $10 million, you will pay a 5% tax surcharge and another 3% for those making more than $25 million.

This has, as of this writing, yet to be verified by the Congressional Budget Office.

Another note of caution - Krysten Sinema has vowed not to let the rich pay a penny more in taxes.  How blessed the super-rich must feel to have such a stalwart defender!  So, if this is not fully paid for, you budget hawks out there - blame Krysten Sinema.

No one should be afraid of federal government spending if it is an investment. Investments create returns that pay dividends in the future. All of these measures will create a better, more secure future.  The climate legislation alone should save us TRILLIONS and keep America at the forefront of the future.

I know some who read this are foaming about this or that or all of it.  But I wanted to outline what it does.  At least that way, we have common ground about what we are talking about.

*Sources for this information include both government and media sources.  They include the White House and NBC News.