The $1.7 trillion bill represents a major victory for President Joe Biden and the Democrats.
The majority of the new revenue will be coming from taxes on the extremely wealthy due to tightening IRS restrictions, something that the president has stated is long overdue.
Beyond taxation changes, the largest aspects of the bill can be seen in the funding allocated to various social and climate programs. Build Back Better will"target incentives to grow domestic supply chains in solar, wind, and other critical industries in communities on the frontlines of the energy transition," the White House said."[It will] conserve our public lands, bolster community resilience, and address the changing climate, all while putting good-paying union jobs within reach for more Americans."In addition to these green initiatives, a variety of social programs are accounted for in the budget.
Further controversy surrounds the SALT tax provision, which will increase the amount that higher-income individuals can deduct from their taxes. Opponents have argued that these deductions only benefit the rich, although House SpeakerIn his Friday statement, Biden struck a confident note about the legislation's future.
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