The Build Back Better Framework - PRESIDENT BIDEN'S PLAN TO REBUILD THE MIDDLE CLASS

[George II]

Link to tweet

President Joe Biden believes that there’s no greater economic engine in the world than the hard work and ingenuity of the American people. But for too long, the economy has worked great for those at the top, while working families get squeezed. President Biden promised to rebuild the backbone of the country – the middle class – so that this time everyone comes along. The Build Back Better Framework does just that.

This framework will set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow our economy from the bottom up and the middle out.

https://www.whitehouse.gov/build-back-better/

[FBaggins]

1. "That I believe can pass"

So - there is no prior agreement? You're not saying that Manchin/Sinema/Progressives are on board?

So the question is... who is he trying to pressure with this announcement? It sounds like he's trying to convince progressives to accept this as close enough to a done deal to vote for the infrastructure bill now.

I don't see that happening.

[George II]

3. It looks like Manchin and Sinema are on board. The question mark is the "progressives", who....

....have stated they won't vote for it unless it contains a lot, if not all, of what was originally asked for.

We won't know either until the actual votes take place.

[jimfields33]

6. Not much for single people I must admit

It will be interesting how this concludes.

[hamsterjill]

16. Seriously, right?

Single and older (like many of us) and not much in there for us.

[BeyondGeography]

9. "Ask high-income Americans to pay their fair share."

Vague.

To me, that means this isn’t paid for yet; not by a long shot.

The NYT posted an article late yesterday that Democrats were scrambling to come up with new tax revenues after SineChin killed the wealth tax, which many other Dems aren’t comfortable with either. That’s not a “progressive” problem (the quotes are really cute—albeit unoriginal—George).

[Autumn]

10. I don't know any young people that are middle class. They are struggling to keep a roof over

their heads and food on the table.

[Hortensis]

13. We tragically have a lot of them here in rural GA.

I could never have guessed we would degrade to this when I was their age. Working class jobs should pay at least a living wage, and mine did when I dropped out of high school with no skills to get a full time job.

Middle class income always required skills that could be sold for significantly more than basic income, but upward mobility is very doable when public trade schools and colleges are affordable by those with working class incomes or parents.

So, I guess we'll do more Pell Grants now and work on making two years of public trade school/college possible for all those who want it?

[PoliticAverse]

5. Obviously this announcement was made to give him credibility when he arrives at the climate summit.

[George II]

8. No. This has been under discussion and negotiation for weeks, and Pelosi announced almost a month...

...ago that she was going to call for a vote by the end of October. That's today or tomorrow if the House is in session tomorrow.

[PoliticAverse]

11. This announcement was made coincident to Biden's leaving for the climate summit.

Biden wanted a vote on the bill before he left, he didn't get one, so he released this announcement instead.

If there was a sure vote coming before the climate summit began there would have been no need for this announcement.

[hamsterjill]

17. Exactly.

And that’s basically all it was. There is no “done deal” yet.

[mcar]

2. Looks like Joe did it!

I just read the outline and this is a great plan. I know some here and elsewhere will complain because it doesn't have everything we/they wanted. But this is a significant bill that will help many people - and the environment.

[jimfields33]

7. I did in number 6. Lol. I hope it passes anyway

[hamsterjill]

19. I complain a lot.

And will continue to. I want something decent to pass for the benefit of the party and how I feel that will impact the midterms.

The operative words are “decent” and “pass”, of course. Nothing is done yet.

[LetMyPeopleVote]

4. New -- WH releases framework proposal, detailing what's in the $1.75T plan

Link to tweet

[FBaggins]

12. $125 Billion on a stock buyback tax?

Not sure that actually raises any income at all. There's little difference between a buyback and just paying a dividend to shareholders.

Why wouldn't corporations just shift to alternate forms of distributing earnings to shareholders?

[PoliticAverse]

14. Actually part of the reason a stock buyback tax has been proposed is to discourage buybacks

in favor of companies paying dividends.

Dividends being taxable to the recipient while an increased stock price (from a buyback) wouldn't be until the stock is sold.

From: https://taxnewslinks.com/2021/09/10/ug1jotipx6hebdgv/

Some Democrats have favored setting the tax so high that buybacks would make no economic sense. But Democratic tax aides said on Thursday that they were trying to balance the desire to curtail stock buybacks with the need to raise revenue. At the very least, a 2 percent tax on buybacks could encourage companies to use excess cash to pay higher dividends, which shareholders pay taxes on.

[Autumn]

15. Yeah and a 15% tax on the wealthiest corporation. Don't forget that.

[Fiendish Thingy]

18. The most significant elements have been removed- childcare, paid leave, CEPP

Yes, some limited benefits remain, but at what cost to the future of the planet, and what immediate cost to poor single women?