Biden social coverage invoice income pegged at underneath $1.5 trillion By Reuters

© Reuters. US Senate Democratic leader Chuck Schumer (D-NY) is flanked by US Senators Patrick Leahy (D-VT) and Amy Klobuchar (D-MN) as he comes to the US Senate Democrats’ weekly political lunch -Capitol in Washington faces reporters. USA, November 2, 202

By David Morgan and Susan Cornwell

WASHINGTON (Reuters) – President Joe Biden’s $ 1.75 trillion bill on social policy and climate change would generate less than $ 1.5 trillion in revenue, tax experts said Thursday, but Democrats insisted that the bill they want to pass by Thanksgiving is paid in full.

The official US joint tax committee released a report that estimated the revenue requirements of the “Build Back Better” legislation for the next decade to be $ 1.48 trillion, about $ 270 billion less than total spending.

But Richard Neal, chairman of the House Ways and Means Committee, the Chamber’s leading Democrat on Tax Policy, told reporters the difference will be made up by provisions that improve Internal Revenue Service tax collection and the cost of prescription drugs for the Medicare health program should lower for the elderly.

“The bill is paid,” said Neal. “Investing in the IRS to help, and then the savings on drugs.”

Neal spoke after a House Democratic meeting where committee chairs briefed members on the legislation ahead of a possible plenary vote, which could take place Thursday or Friday.

If passed by the House of Representatives, the bill would move to the Senate, where the top Democrat said Thursday that lawmakers would try to get it passed before the November 25th Thanksgiving holiday.

If passed, the bill would raise $ 640 billion from high-income tax increases and $ 814 billion from corporate and international tax reforms from 2022 to 2031, the tax committee said.

“As the House of Representatives prepares to move forward, the Senate continues to make progress toward our goal of getting Build Back Better through before Thanksgiving. That is our goal, ”said Senate Majority Leader Chuck Schumer in a speech.

House Democrats, who have been debating the legislation for weeks, want to step up work on the law after their party’s sobering defeat in Virginia gubernatorial elections on Tuesday.

Congress faces two more critical deadlines in less than a month: They set a deadline of December 3 to avert a potentially economically devastating default by the federal government and a politically embarrassing government shutdown.

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