The White House on Thursday unveiled a new $1.75 trillion package to overhaul the country’s health-care, education, climate and tax laws, muscling through a slew of policy disagreements and internecine political feuds that had stalled President Biden’s economic agenda for months.

The announcement is a critical moment in Biden’s tenure, and the president plans to visit Capitol Hill on Thursday morning to address House Democrats, many of whom have been distressed by the programs being jettisoned to cut the proposal’s overall cost. While many key lawmakers did not immediately weigh in on the new plan, the White House stressed Biden’s belief that it will attract the support ofall Democrats in the Senate and pass the House.

Biden is also expected to make public remarks touting the plan as a generational boon to Americans.

Taken together, the moves reflect a decision by Biden to assume ownership of the sweeping safety-net proposal in a new way. He is investing enormous political capital in his new proposal — which follows days of intensive, secretive meetings with key lawmakers — and is essentially warning any wary Democrats that they risk damaging him and the party if they do not get on board.

The new signature initiative would expand Medicare benefits, promote cleaner energy, offer free prekindergarten and other educational opportunities and invest heavily in social safety net programs, including tax credits and other aid that chiefly benefit low-income families. It would mark the most far-reaching social package in years.

The administration has proposed funding the efforts through a slew of proposals, including a new surtax targeting ultrawealthy Americans.

Many of the components in the retooled, sweeping blueprint originate in the proposals Biden put forward in the spring. The ideas correspond with promises the president and other party candidates made in the course of the 2020 election, when Biden ran on a refrain to “build back better.”…

In unveiling the details of its new spending plans, White House officials took great care to stress that the entire $1.75 trillion is financed in full. They aim to pay for the package through a variety of new tax policies, including newly proposed rules that require companies to pay a minimum 15 percent tax — seeking to address the fact some profitable, multinational corporations use creative accounting to lower their tax burdens to zero.

The idea is a significant departure from the rate increases Biden initially sought as part of a campaign pledge to unwind the tax cuts enacted under President Donald Trump in 2017. The White House also backed off a plan to apply a new billionaires’ income tax to roughly 700 Americans, including Amazon founder Jeff Bezos and Tesla founder and CEO Elon Musk. (Bezos owns The Washington Post.)

Instead, they proposed a special 5 percent rate for Americans with income above $10 million and an additional 3 percent surtax for those above $25 million.



Biden’s package does contain the advertised 15% across the board tax increases for rich big business…

(This was an international goal that the US can now ‘say’ they are doing)

We’ll see if that survives, or is circumvented by most companies ….

In addition?

The ‘Wealth Tax’ that was talked about has been watered down and will probably be circumvented also by accountant’s for the rich….


The NY Times says the deal is for $1.85 Trillion….

* Politicalwire