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Time to “build back better”?

…That’s what US President Biden is hoping for, as his massive USD 1.75 tln social spending bill was passed by the US House last Friday. 

1.75 tln sounds like a lot… It is. The bill = 1x S.Korea 🇰🇷 GDP. 

So what’s in this bill?

Lots of different things, like better support for parents and the less fortunate, and a greater focus on climate change, 

  • Raising children will be easier? 🏫 The bill will provide universal preschool for US children, along with subsidies for childcare and four weeks of paid family leave.
  • It also will put a fee on methane emissions, and give tax credits for sustainable purchases like EVs. (tax credits = pay less tax)

Where will the US get the money? By raising taxes. The bill includes a 15% minimum corporate tax + additional taxes on wealthier individuals.

What happens now? 🧐 It now heads to the Senate, where its fate is still uncertain, as some Democrats have still not given their full support to the bill. The Senate’s Democratic leader hopes to get a final vote before Christmas. 

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