President Biden has proposed a new $1.75 trillion spending framework intended to overhaul various climate, health care and tax laws. The new proposal represents a scaled-back version of Biden’s original $3.5 trillion Build Back Better plan after Sens. Manchin (D-WV) and Sinema (D-AZ) opposed provisions in the original bill. Among provisions reportedly in the new bill: $555 billion in clean energy credits, a 1% tax on corporate buybacks and a 15% minimum tax on corporate profits of U.S. companies with profits over $1 billion. Among the provisions not included: paid family leave and the “billionaires’ tax.” The White House says the bill has support from all Democratic senators. Stay tuned. Call or visit our website for more information! www.mjscpa.com/
