President Biden announced on 28 October a framework agreement on “Build Back Better” legislation that the House could consider as early as 29 October. he framework agreement outlines spending provisions that are described as costing $1.75 trillion over 10 years, and revenue offsets that are believed to add up to nearly $2 trillion over the same period.
A White House statement reports the Build Back Better legislation will be fully paid for and will reduce the federal deficit by providing for a new 15% corporate minimum tax on large corporations, a 1% tax on corporate stock repurchases, international tax changes, increased taxes on high-income individuals, increased IRS enforcement, and repeal of a Medicare prescription drug rebate rule.
A revised version of the Build Back Better legislation reflecting the framework agreement was released by the House Rules Committee. House Speaker Nancy Pelosi (D-CA) stated at a press event that the reconciliation framework agreement bill text released today is for review purposes and further changes and clarifications are expected.