EXPLAINER-Main battles ahead for U.S. Democrats’ $3.5 trillion social spending bill

explainer main battles ahead for u s democrats 3 5 trillion social spending bill

Sumary of EXPLAINER-Main battles ahead for U.S. Democrats’ $3.5 trillion social spending bill:

  • By Jarrett Renshaw, David Lawder6 Min Read(Reuters) – Democrats are crafting a massive spending package as big as $3.5 trillion that would transform the U.S. economy by investing in free community college, childcare and green energy, funded by tax hikes on the wealthy and larger companies.
  • Facing unified Republican opposition, Democrats will need to pass the bill on strict party lines using a legislative tool called budget reconciliation.
  • In committee debate, Republicans hammered these credits as giveaways to wealthy Tesla car buyers and corporations like Amazon.
  • Democrats’ plans to extend a larger Child Tax Credit here through 2025, providing families monthly payments of up to $300 per child, would cost a hefty $556 billion, according to JCT.
  • Tax credits for child care workers and expenses would cost $35 billion and an expanded Earned Income Tax Credit for low-income workers would cost $135 billion over a decade.
  • Manchin has voiced concern here that the Child Tax Credit contains no work requirements for parents nor education requirements.
  • A Reuters analysis here has found that the expanded credit has disproportionately benefited Republican states.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.