Biden’s $3.5t bill will benefit all Americans

Biden’s $3.5t bill will benefit all Americans. If the Senate passes this bill without stripping it of too many of its essentials, it will be the biggest improvement in the lives of Americans since FDR’s New Deal in 1932. If the bill fails, American prosperity will probably be damaged for the next generation.

Cadillac Mountain in Acadia National Park in Maine.  Biden's $3.5t bill will benefit all Americans and will help save places like this.
Cadillac Mountain in Acadia National Park in Maine. Biden’s $3.5t bill will benefit all Americans and will help save places like this.

Here is most of what this bill will give to Americans in very simply language.

1. Expand Medicare to include dental, hearing and vision benefits.

2. Improve education. Free preschool and free two year community college tuition.

3. Expand fully the paid family and medical leave system, like many other developed countries have.

4. Reduce carbon dioxide emissions, prevent wildfires, fund research on the effects of climate change on agriculture, create a Civilian Climate Corps to carry out climate-related public works and make the nation’s coastlines more resilient to the damage caused by rising seas and stronger storms.

5. Change the tax code to promote electric vehicles — including tax credits to consumers for purchasing electric vehicles and to automakers for building and selling them. It includes a plan to finance domestic manufacturing of electric vehicles and parts.

6. Lower the price of prescription drugs, which Finance Committee chairman, Senator Ron Wyden of Oregon, said would include “making good on the Democrats’ promise to allow Medicare to negotiate a fair price with Big Pharma.” 

7.  Beef up enforcement of labor laws and penalties for employers that violate them. 

8. Create a Clean Electricity Payment Program, which would pay electric utilities to reduce their use of planet-warming coal and natural gas over the next decade and replace them with zero-carbon sources of electricity such as wind, solar, nuclear and hydro power. This would mean cheaper power and increased prosperity for everyone. It would also go a long way toward avoiding another summer like 2021.

9. Set up a “carbon polluter import fee” — essentially, a tariff on goods imported from nations that have weak climate change policies. This would help pay for some of the costs of shifting from fossil fuels to renewables.

10. Undo key parts of the 2017 Republican tax law, including aiming to raise the corporate tax rate from 21 percent to at least 25 percent on large corporations. 

11. Raising the tax rate on investment gains for those earning more than $1 million a year to 39.6 percent.

12. Clamp down on tax benefits that have enriched the private equity industry and its executives by allowing their lucrative fees to be taxed at low capital gains rates rather than as income.

13. Reduce incentives for big companies to move their profits and operations abroad to tax havens.

14. Increase IRS staff to help prevent the very rich from wriggling out of what they owe on their Federal taxes. Currently the very rich avoid payment of at least $1 trillion of taxes every year.

Bluebonnets in Texas Hill Country.    Biden's $3.5t bill will benefit all Americans and will help save places like this.
Bluebonnets in Texas Hill Country. Biden’s $3.5t bill will benefit all Americans and will help save places like this.

Biden’s great bill for Americans is in the US House right now. Next it goes to the Senate where two Democratic Senators and all of the Republican Senators will do their best to gut as many benefits for the American people as they can.

The two Democratic Senators are Joe Manchin and Crystin Sinema

Joe Manchin, the Senator from West Virginia, will probably do the most damage to the bill.

David Roberts says that “Manchin chairs the Senate Energy and Natural Resources Committee, which will be marking up the energy parts of the bill. He could kill the CEPP.  Nobody knows what Manchin will do, or why, so we’ll just have to wait and see.”

It Manchin kills the CEPP it would be a disaster. The CEPP, or the Clean Electricity Performance Program, is one of the major environmental components of Biden’s bill. Basically the CEPP is a $150 billion proposal that would award large financial grants to electric utilities who expand their production of clean electricity and fine those utilities whose percentage of dirty electricity generation grows.

Maroon Bells and Lake near Aspen, Colorado.  Biden's $3.5t bill will benefit all Americans and will help save places like this.
Maroon Bells and Lake near Aspen, Colorado. Biden’s $3.5t bill will benefit all Americans and will help save places like this.



The CEPP is important to the welfare of America. David Roberts says “The independent firm Analysis Group found that, through 2031, the CEPP would expand the US workforce by 7.7 million new jobs, add $907 billion to the national economy, raise $154 billion in tax revenue, and lead to over 600 gigawatts of new clean energy. It’s not a cost, it’s an investment.”

It would be tragic if Manchin managed to delete or gut the CEPP. It would be even worse if Manchin or Sinema vote against Biden’s entire bill. One vote against the bill by either Senator would kill the bill. And one or both may vote against it. They could decide it’s too expensive.

Lake Dillon and sunset near Breckenridge, CO
Lake Dillon and sunset near Breckenridge, CO

Actually, that would be totally backwards. Actually, it would be too expense to kill the bill and miss out on all prosperity this bill would give to all Americans, to the American economy and even to the most wealthy Americans.

I think Biden’s bill will probably pass in the Senate. The real question is how much of the bill will be gutted by Manchin, Sinema and the Republicans. Here is a post I wrote last week about the fact that the bill will enrich wealthy Republicans too much for them to kill it entirely. At least I hope so. But as Roberts says, we will just have to wait and see.

More reading on this topic

Can Biden pass his $3.5t reconciliation bill

A close look at Biden’s $3.5 T reconciliation plan

The Promise of a Clean electricity payment plan

West Virginia needs the Biden energy agenda

Investors now see renewables as a much better investment that fossil fuels

America’s future if Biden’s $3.5t bill fails.

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Post summary: Biden’s $3.5t bill will benefit all Americans If the Senate passes this bill without stripping it of too many of its essentials, it will be the biggest improvement in the lives of Americans since FDR’s New Deal in 1932. If the bill fails, American prosperity will probably be damaged for the next generation.

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