Biden announces the framework of a $1.75 trillion social spending plan aimed at winning the support of congressional Democrats

Original title: Biden announced the framework of the $1.75 trillion social expenditure plan, aimed at winning the support of Congressional Democrats

The Wall Street Journal reported on October 28 that US President Biden released a new framework for the Democratic Party’s $1.75 trillion social spending and climate package on Thursday, local time, aimed at winning the support of Congressional Democrats.

A senior U.S. government official said that Biden believes that the plan will be supported by all 50 Democratic senators and will be voted on by the House of Representatives.

According to Bloomberg reports, people familiar with the matter revealed that the plan includes a minimum corporate tax rate, a tax on stock repurchases, a new tax on groups with annual income of more than US$10 million, and an estimated total income of US$2 trillion in the next ten years.

It is reported that the key terms of the framework include: a minimum corporate income tax of 15% on companies whose profits attributable to shareholders exceed US$1 billion, a 1% surcharge on share repurchases, and an additional tax on those with annual income of more than US$10 million. % Tax, an additional 3% for people with annual income of more than US$25 million; and US$555 billion for clean energy and climate projects.

Editor in charge: Zhang Yu