President Joe Biden’s signature social infrastructure bill has passed the US House of Representatives headed for the senate where it likely will be revised in the course of December.
The bill contains the following key spending items. Almost one third of the spending in the bill, $555 billion is directed toward clean energy and climate investments, $400 billion is directed toward child care and pre-school, $200 billion to child tax and earned income tax credits, $150 billion to housing and $150 billion to home care.
The bill proposes funding through increased taxation of corporations and high-income individuals.
Among the principal items on the funding ledger are a 15% corporate minimum tax on large corporations and a 1% surcharge on corporate stock buybacks, as well as a global minimum tax.
Furthermore the bill proposes a new surtax on multi-millionaires and billionaires. The bill’s provisions are expected to meet opposition from the Republican Party as well as some centrist Democrats in the Senate.