Biden’s Build Back Better Bill

Momo Sutton, Reporter

At the beginning of President Joe Biden’s campaign, one of the promises he made was to rebuild America, or more specifically, rebuild the backbone of the country – the middle class. On November 16, Biden stood in front of an aging bridge in Woodstock, New Hampshire, and spoke of the $550 billion in new infrastructure spending he had just signed into law. But that bipartisan infrastructure law, which will fix bridges and roads and expand Internet access and train lines across the country isn’t enough, he said.

In order to address the disparities of the middle class, Biden wanted Congress to pass a second raft of spending proposals designed to reduce the costs of childcare, elder care, housing and prescription drugs, as well as take greater strides toward reducing the U.S. contribution to climate change, as discussed at COP26.

As of right now, President Biden’s “Build Back Better” bill is in the hands of the Senate. This bill will be the start of his ultimate plan to, quite literally, build America back better. However, the bill is still susceptible to change, be modified, delayed, or defeated in the Senate.

“We will have no Republican votes, so it just comes down to two Democratic senators,” Ed Markey, a junior United States Senator from Massachusetts said, “We’re going to have to work with (West Virginia) Senator Manchin and (Arizona) Senator Sinema, but ultimately, I am confident that we can resolve the differences of opinion right now and get it passed and on President Biden’s desk before Christmas.”

Even so, we know what the bill will encompass if it does get passed. The framework will set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow our economy from the bottom up and the middle out. Affordable health care subsidies extended through 2025, paid family leave, earned income tax credit expansion, tax break for high-income earners, reducing prescription drug costs, hearing coverage for Medicare, and raising taxes for the wealthy and corporations are some of the topics addressed.

The Build Back Better bill, if passed in its current form, would extend some of this year’s biggest tax rule changes and create new ones. It would subsidize childcare and create a universal preschool program for 3- and 4-year-olds. The child tax credit expansion would last another year, and a change that lets low-income families claim the credit would be made permanent. Immigration reform is also supported within the bill.

While the bill includes tax breaks for middle-income families, it does the opposite for corporations, creating a 15% minimum tax on the profits of big companies, and imposes a 5% surtax on people making over $10 million a year. It also gives the IRS funding to crack down on tax evasion.

As much as this would evidently further President Biden’s agenda, the big question is whether it will pass through the house of the Senate. Despite growing doubts, President Biden and the Democrats continue to push the bill forwards.