(Reuters) – U.S. Senate Democrats unveiled a broad outline of a $3.5 trillion spending plan that the White House says would fund big investments in clean energy and families while taxing the nation’s highest earners and top companies to pay for it.
The plan includes funding universal preschool for all Americans, providing legal status to immigrants and investments in electric vehicle infrastructure. Here is a rundown of what they have disclosed is in the legislation so far, broken down by the congressional committees charged with writing the eventual legislation:
WHAT IS IN IT
* $726 billion to the Committee on Health, Education, Labor and Pensions, which would be used to provide universal preschool for all 3- and 4-year-olds, two years of tuition-free community college, child care for working families and increase the maximum award for Pell grants, a federal subsidy that helps low-income students pay for college.
* $332 billion to the Committee on Banking, Housing, and Urban Affairs, aimed at creating and preserving affordable housing in cities, suburbs and rural areas.
* $198 billion to the Committee on Energy and Natural Resources, to offer direct payments to utilities for hitting clean energy goals, consumer rebates to make homes more energy efficient and financing for domestic manufacturing of clean energy and auto supply chain technologies.
* $135 billion to the Committee on Agriculture, Nutrition, and Forestry for, among other things, funding for the Civilian Climate Corps, which would employ thousands of young people to address the threat of climate change and strengthen the country’s natural defenses.
* $107 billion to the Committee on the Judiciary, to find a way to provide lawful permanent status to qualified immigrants. This is one of many proposals that will have to meet the approval of the Senate parliamentarian, the arbiter of what policies can be passed through reconciliation.
* $83 billion to the Committee on Commerce, Science, and Technology to fund investments in technology, transportation and research, as well as helping coastal communities adapt to stronger storms and rising seas.
* $67 billion to the Committee on Environment and Public Works to fund a Clean Energy Technology Accelerator that would fund affordable and other climate-friendly technologies, investments in clean drinking water and imposing fees on emitters of methane to reduce carbon emissions.
* $37 billion to the Committee on Homeland Security and Governmental Affairs to electrifying the federal vehicle fleet and improve cybersecurity infrastructure.
* $25 billion to the Committee on Small Business and Entrepreneurship to help small businesses secure access to credit and investment.
* $20.5 billion to the Committee on Indian Affairs for health, education and housing programs for Native Americans.
* $18 billion to the Committee on Veterans Affairs for upgrades to VA facilities.
* The Senate Finance Committee will be charged with identifying ways to reduce the deficit to help fund paid family and medical leave, expand the Affordable Care Act, expand Medicare to include dental, vision, hearing benefits and lowering the eligibility age, extend the Child Tax Credit and provide relief to taxpayers who can no longer deduct more than $10,000 they spent on state and local taxes, known as SALT, from the income on which they must pay federal taxes.
HOW TO PAY FOR IT:
* Roughly doubling the tax rate paid by high earners on their investment income to 39.6% from 20% and lifting the highest tax rate on ordinary income to 39.6% from 37%.
* Increase the corporate tax rate and set a minimum tax on foreign income as part of a global minimum tax.
* Increased scrutiny of higher-income taxpayers at the Internal Revenue Service.
* Impose a carbon polluter import fee on companies bringing goods into country.
Source: Economy - investing.com
