The proposal, which was unveiled on Monday by top Democrats, would generate as much as $2.9 trillion to fund President Biden’s social safety net programme via a variety of tax reforms, including raising the amount of taxes paid by the richest Americans and businesses.
While Democrats in the House and Senate are attempting to piece together pieces of Vice President Biden’s $3.5 trillion economic package, which would fund climate change initiatives, paid family leave.
The House plan seeks tax hikes on both companies and people who are considered to be affluent. However, there are significant differences between the plan and what Vice President Biden originally suggested, as well as what Senate Democrats have presented.
The $3.5 trillion price tag and some suggested revenue measures have riled moderate and conservative Democrats, even as their liberal colleagues warn that they have already made concessions on the breadth of the plan.
Given that Democrats want to approve the legislation along party lines, it will be necessary to resolve those disagreements in the coming days. Party leaders have said that they aim to get as much agreement as possible between the opposing interests in the two houses before the measure is brought to the House floor.
In this section, you will find the plan from the House Ways and Means Committee, which is chaired by Representative Richard E. Neal of Massachusetts, as well as a comparison with other ideas from the White House and the Senate.