The estimated $740 billion economic package from Democrats is nowhere near what President Joe Biden first envisioned with his effort to rebuild America’s public infrastructure and family support systems.
The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own.
A late addition pushed by Sen. Kyrsten Sinema, D-Ariz., and other Democrats in Arizona, Nevada and Colorado would designate $4 billion to combat a mega-drought in the West, including conservation efforts in the Colorado River Basin, which nearly 40 million Americans rely on for drinking water. The new corporate minimum tax would kick in after the 2022 tax year and raise some $258 billion over the decade.
Keeping the tax break for the wealthy deprives the party of $14 billion in revenue they were counting on to help pay for the package. The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.With some $740 billion in new revenue and around $440 billion in new investments, the bill promises to put the difference of about $300 billion toward deficit reduction.
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