To pay for the package, the bill clamps down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all, by mandating a 15% minimum.
with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies. For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.
The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade. The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.
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