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Build Back Better, the Saga Continues
November 23, 2021   |   2021 Tax Season, Editorial, IRS, Legislation

pile of gold and silver coins on a black table

 

Yes it has passed the House but it must also pass the Senate before the Bill can become law.  What’s in it? That depends on which version is being discussed.  Provisions will change until its submitted to the President’s desk.

What’s in the House Build Back Better Plan?  Careful, what is currently in it may be changed by the Senate, then go back to the House under reconciliation to be changed again and voted on and then to the President’s Desk:

What’s in the House bill just passed?

  1.  Funding for Additional IRS enforcement. . .more Agents not for you for the RICH.  Um depending on who you ask any person can be rich. . .Careful
  2. Funding for Climate Change Support. Tax Credits for Solar Panel installation, energy efficient homes and Office buildings and electric vehicles. Incentives for US Energy Technology (Just make sure the companies receiving this benefit aren’t connected to the President).  Also for the creation of of Civilian Climate Corp to restore forest and wetlands and help stop the “rising temperature effect” (If other countries continue manufacturing practices that add to greenhouse cases, the US effort to control its own production may NOT have any effect on Global warming, but it may have an effect on energy prices).
  3.  Funding for Universal prekindergarten.  Geared mostly for low income parents.  Will be subsidized.  Maximum fee approximately7% of income
  4. Funding for Expansion of the Advanced Child Tax Credit for one more year (through tax year 2022).  This is for the monthly cash payments for parent’s with minor children.  This is a delicate dance. If taxpayer gets the Child Tax Credit advance and their income is too high they may have to pay it back UNLESS income is under a specified amount, rules get extremely complicated for children of divorced parents. One parent may get the money without having the right to it and the other parent may owe for the Child Tax Credit advance that they did not receive. . .
  5. Funding for four weeks of National Paid leave for all including self employed persons. . .
  6. Funding for Healthcare spending.  Marketplace Healthcare Premiums should decrease approximately $600 per person.  Too poor for insurance but too rich for Medicaid?  Includes funding to cover this gap.  Limits price increases drug manufacturers can charge. Sounds great but the drug price increase caps are for drugs that have been on the market for nine or more years.
  7. Funding for Medicaid in home healthcare Funding for affordable housing via rental and down payment assistance

Patterns? All provisions are for funding. . .so where’s the money coming from?  Officially funding to pay for this bill is from tax increases on high earners and corporations but it ACTUALLY comes from taxpayers wallets. This Bill isn’t fully paid for by tax increases alone. . .which means it will add to the budget deficit. . . don’t like increasing the deficit or potentially increasing inflation or the wallet raid?
Contact your Senator. If there’s enough of an outcry this bill may die in committee. . .and never pass.

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