Democrats put aside ideological differences to approve a $1 trillion infrastructure bill, which includes road, broadband, and other infrastructure upgrades and sent it to US President Joe Biden for signature.
The vote of 228 to 206 is a significant victory for Biden’s Democrats, who have fought for a long period of time over the ambitious spending proposals.
How is it going to affect us?
Biden said on Saturday that the bill will be a monumental improvement in the infrastructure of the United States which includes roads, railways, and other transportation infrastructure. He added that the bill will not only help improve the lives of people but also create more jobs.
How can the government afford it when the country is in huge debt. One thing is for sure is that there are going to be sweeping changes in our lives such as tax, education, and many more with Biden’s lead.
Benefits for Families
- All three and four-year-olds are eligible for free preschool.
- Childcare cost assistance: Families earning less than $300,000 per year would spend no more than 7% of their earnings on daycare.
- Tax credits of up to $300 per child per month are available.
- The Medicaid health program expands coverage of home care expenditures for the elderly and handicapped.
- Expands free school meals and gives $65 per month in food money for 29 million low-income children who are eligible for free school lunches throughout the summer months.
- Allows Medicare’s senior health plan to negotiate reduced costs for prescription medications that have been on the market for at least nine years.
- Drug firms are penalized if their prices rise faster than the rate of inflation.
- Out-of-pocket prescription drug costs are capped at $2,000 per year, and insulin prices are reduced to $35 per month.
- Medicare is being expanded to cover hearing aids.
- Reduces ACA premiums by an average of $600 per person per year.
- Medicaid coverage is expanded to low-income persons in the 12 states that have chosen not to expand the program on their own.
- Companies having profits of more than $1 billion must pay a minimum tax of 15% on their corporate income.
- Stock buybacks are subject to a 1% fee.
- Minimum tax of 15% on US firms’ international profits
- Surtax of 5% on personal income over $10 million
- A 3% surtax is levied on income in excess of $25 million.
- Close the loophole that allows the wealthiest to avoid paying the 3.8 percent Medicare levy.
- Increase the size of the Internal Revenue Service in order to improve customer service and focus enforcement on rich tax evaders.
- Extends a state and local tax deduction that largely favors upper-income people in high-tax jurisdictions. In their 2017 tax reform legislation, Republicans decreased this perk.