After months of negotiations, House Democrats are nearing a vote on a sprawling bill that would fulfill a large part of President Biden’s agenda on climate change and the social safety net. It would be paid for mostly through higher taxes on the wealthy and on corporations.
The table below, based on estimates released by the Congressional Budget Office this week, includes nearly every provision in the package, and when policies would expire. The spending and tax cuts add up to about $2 trillion over 10 years, but budget experts say the true cost will be much higher if shortened programs are extended as many Democrats anticipate.
If the bill passes the House, it is expected to change in the Senate to gain the support of all 50 Democrats and comply with a review by the Senate parliamentarian.
|
Families |
Cost in billions |
Duration |
|---|---|---|
|
Child care Creates a child care entitlement program for children up to 5 years old, capping families’ expenses at 7 percent of their income; also includes subsidies for child care centers and requires higher wages for teachers |
$273 |
6 years FY 2022-27; aid not in effect for all eligible families until 2025 |
|
Paid leave Four weeks of annual federal paid family and medical leave for all types of workers, beginning in 2024 |
$205 |
|
|
Child tax credit Extends for one year higher credit and advance payments (for most); the credit would be fully refundable after 2022. |
$185 |
1 year Extended through 2023 (refundability permanent) |
|
Universal preschool Funding to states to create free preschool programs for 3- and 4-year-olds |
$109 |
6 years |
|
Community programs Services for people with disabilities, pregnant women, older people and national service activities, including those related to climate resilience |
$16 |
|
|
Earned-income tax credit One-year extension of eligibility and of the benefit expansion |
$13 |
1 year |
|
School meals Expands eligibility for free school meals and makes other investments |
$7 |
5 years |
|
Summer meal benefits for children |
$3 |
2 years |
|
Climate and environment |
Cost in billions |
Duration |
|---|---|---|
|
Renewable electricity tax credits Largest provisions extend and change credits for electricity produced from renewables and for energy property for five years |
$144 |
Varies |
|
Clean air, water and energy Funding to reduce air pollution, replace lead water pipes and retrofit buildings |
$81 |
|
|
Clean electricity and transportation credits |
$54 |
5 years+ 2027-31, or until targets are met |
|
Green energy credits for individuals Includes the expansion of the energy property credit for four years and the expansion of the residential energy efficient property credit for 10 years |
$42 |
Varies |
Read More:Everything in the House Democrats’ Budget Bill
2021-11-19 01:11:18
