Biden Proposes $1.75 Trillion Spending Bill; Infrastructure Vote Delayed

On Thursday, Oct. 28, the White House issued a revised plan for $1.75 trillion in social and climate-related spending. The proposal would raise revenue by imposing a 15% minimum tax on the profits of larger corporations; adopting a 15% minimum global tax; applying a 5% surtax on individual income above $10 million (8% surtax on income of more than $25 million); and strengthening IRS tax enforcement.

CNBC reports there are two other provisions in Biden’s Build Back Better framework related to business income: a 3.8% Medicare surtax to all income from pass-through businesses, and a limit to tax breaks for business losses.

Despite the administration’s aggressive push, it’s unclear whether the Biden spending plan has the full backing of Democrats in the House and Senate. As a result, House leaders abandoned plans for a Thursday vote on a separate infrastructure bill. House progressives want the two bills be voted on as a package. 10/28/2021