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, in order to win 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, people familiar with the matter revealed that the plan includes a minimum corporate tax rate, a tax on stock repurchases, a new tax for 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 profit attributable to shareholders exceeds US$1 billion, a 1% surcharge on share repurchase, and an additional levy on those with annual income of more than US$10 million. % Tax, an additional 3% levied on people with annual incomes of more than 25 million U.S. dollars; and 555 billion U.S. dollars for clean energy and climate projects.
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