President Joe Biden arrived at the White House promising to 'build back' America, and now he has signed into law legislation with a slimmer version of that idea.
Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for some 13 million people who are purchasing their own health care policies through the Affordable Care Act.The bill would infuse nearly $375 billion over the decade in
There's also tax breaks for consumers to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. The bill would impose a new fee on excess methane emissions from oil and gas drilling while giving fossil fuel companies access to more leases on federal lands and waters.
The new corporate minimum tax would kick in after the 2022 tax year and raise more than $258 billion over the decade. The bill sticks with Biden’s original pledge not to raise taxes on families or businesses making less than $400,000 a year. Federal deficits spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation's economy churned through shutdowns, closed offices and other massive changes.
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