The U.S President, Joe Biden’s ‘Build Back Better plan is facing some opposition: On Thursday, 28th October 2021 when President Joe Biden shared his ‘Build a Back Better plan with the U.S citizens, the South Carolina (SC) senators opposed it mentioning that it demands $1.7 trillion financial expenditure which is quite a lot.
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The ‘Build Back Better’ Plan
The Build Back Better plan has covered all the significant sectors of the country namely health, education, tax, climate, economy, corporate, and technology. The plan includes the following amendments and upgradations:
- People who earn less than four lakh dollars annually will not observe any sort of increment in their taxes rather the Earned Income, Premium, and Child Tax Credits would be extended.
- Bill offers free two pre-school years to every family.
- The plan would restrict the childcare cost to seven percent of annual income for families who are having four members and have an earning of less than three lakh dollars, to increase the women workforce which was reduced during the pandemic situation because of childcare concerns.
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- The climate sector is going to be the one that would require a huge amount of spending of nearly five hundred and fifty-five billion dollars to decrease the price of electric vehicles and solar roofing by thirty percent.
- According to the plan, the BBB would deduct premiums for approximately nine million people who get insurance through the Affordable Care Act marketplace as well as Medicare coverage would be expanded.
- Federal Pell Grant to be increased by five hundred and fifty dollars for high school students. Whilst, for younger students, free school meal programs would be provided by BBB and each child would receive sixty-five dollars per month allowing the families to buy food in summers.
- One hundred billion dollars to be invested in immigration restructuring which includes legal representation.
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- The IRS would be renovated by hiring enforcement agents who can pursue wealthy evaders. Also, the outmoded technology would be upgraded, and investments would be done in taxpayer services.
- The plan ensures that people will pay their fair share.
- A minimum tax of fifteen percent would be enforced on corporate profits for companies who make a one-billion-dollar profit to shareholders and a one percent surcharge on corporate stock retrieval.
- A fifteen percent country-by-country tax would be imposed by BBB on foreign profits of corporations.
- The new surtax would apply a five percent rate to an income above ten million dollars and an extra three percent surtax on income above twenty-five million dollars.
Will the Plan Prove to Be Sustainable?
The above-mentioned clauses of the Build Back Better plan describe in detail the objective of this whole plan and justify the spending of $1.7 trillion but still according to several senators and democrats this plan is going to be a cause of trouble and does not contain anything different from the previously issued plans.
As stated earlier, the SC senators consider that this plan is of much spending whereas to some democrats this plan would result in increasing the inflation crises, it would make the companies less competitive due to tax impositions, and the energy prices would rise suddenly.
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Some also consider this plan as a strategy to have more control over your everyday life which is even worse than inflation issues. Despite justifying all the financial needs of this plan the senators and democrats are not in favor of this plan. Would this plan turn out to be Worst or Best? Let the future decide!