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United States

24 Oct 2021

U.S Democrats Close in on New Deal for Biden’s Agenda

The Index Today

U.S democrats are putting aside differences to close a deal proposed by President Joe Biden to tackle climate-change and social issues in the nation. Pelosi told reporters, “We had a very positive meeting this morning. I’m very optimistic.”

Democrats are hopeful that an agreement worth $2 trillion will open doors to move forward with a $1 trillion bipartisan infrastructure bill. This will help set the foundation for the “Build Back Better” social package proposed by President Biden.

Although the deal is close to winning a majority, a few issues still remain such as legislature’s healthcare provisions and revenue provisions. Pelosi said on the matter, “There are many decision that have to be made, but more than 90% of everything is agreed to and written. We’re narrowing the differences.”

A billionaire’s income tax proposal was forwarded by Senate Finance Committee Chairman Ron Wyden who stated it would help raise billions of dollars and open new streams of revenue for the country which would in return balance the costs of Biden’s plan. Wyden stated, “The Billionaire Income Tax is about fairness and showing the American people taxes aren’t mandatory for them and optional for the wealthiest people in the country.”

According to sources, the billionaire tax plan has received much favor from the President and other officials who believe the wealthy should pay fair taxes. The main goal of the proposed tax plan is to prevent billionaires from finding loopholes to avoid tax payments. The billionaire tax plan would apply to all individuals who earn over $1 billion for three consecutive years.

On the other hand, Richard Neal, House Ways and Means Committee Chairman showed skepticism of the agreement saying, “One of the complicating factors here is that if you take up some of these new revenue measures, they’re going to have to be vetted. Right now, it’s hard to go back and revisit all of that.”

©Photo: Andrew Harnik/AP

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