On the same day a year ago victory was celebrated not just in the US but across the globe. As it was the triumph of democracy over the authoritarian approach, people chose unity over divisive agendas and hatred ness and development of America.
The United States of America under the five-year presidential regime of Republican leader Donald Trump was in turmoil. The development got reversed. In America known as the melting pot, people were divided over varied parameters like race, country of origin, ideological differences, etc. Huge walls were built to stop people from coming to the USA and clear discrimination was made on the basis of race. Several lost their lives due to poor handling of the covid situation.
Well, after a year with a new president and vice president the USA is coming back on track as they are working on ‘Build Back Better.’ They have to repair the damage to the USA in five years. Its reputation as a world leader was besmirched. For instance, stepping out of Paris Agreement.
However, now with the ‘Build Back Better’ policy the duo of Joe Biden and Kamala Harris have announced several new decisions and passed bills for the betterment of the US. Key decisions under ‘Build Back Better’ are-
Bipartisan Infrastructure Bill
Expenditure On Climate Action Plan
Provisions Related To Taxes
President Joe Biden’s Build Back Better is inclusive of $1.75 trillion it will provide path-breaking transformation in the above mention aspects. We will look into each aspect separately.
1. Bipartisan Infrastructure Bill
House of democrats gave their assent to a bipartisan bill to reworks on streets and bridges. It also includes the disbursement of funds for cyber funding and broadband appropriations. It will also boost cybersecurity measures. President Joe Biden termed this passing of the bill as a ‘once-in-a-generation investment.’
2. Expenditure On Climate Action Plan
It is expected that the US will expend 185 times more on climate change plans. It is considered as the backbone of the economic plan with around $550 billion on climate change projects. Recently, at the COP26 summit as well America took the initiative to work climate action plan.
Medicare, Medicaid, Paid Family Leave are some of the aspects that are taken care of in Biden’s Build Back Better plan. Also, Senior citizens get the benefit of a Medicare health plan to negotiate lower prices for prescription drugs that have been on the market for at least nine years. For low-income citizens, it has been expanded Medicaid coverage in the 12 states that have opted not to expand the program on their own.
The education sector is one of the important aspects of president Biden’s Build Back Better act. Through this administration will hike Pell Grants for college costs, special emphasis on minorities by providing aid for historically Black colleges and other minority-serving schools and it has aimed to Boost the Labor Department’s job training programs by 50 percent.
5. Provisions Related To Taxes
The administration has focused on boosting the Internal Revenue Service to improve customer service and focus enforcement on wealthy tax evaders. 15 percent minimum tax will be applied on foreign profits of US corporations and corporate profits for companies with more than $1bn in profits.