On November 19, 2021, the House of Representatives voted 220 to 213 to pass the Build Back Better Act. The bill will now go to the Senate and is expected to see some changes.
The bill that passed the House includes:
- $1.9 trillion in spending for social safety net programs; such as universal Pre-K, paid family and sick leave, and child care;
- Expanding the enhanced Child Tax Credit through 2022;
- Repealing the state and local tax deduction cap and replaces it with a capped deduction of $80,000 per year;
- 15% minimum corporate tax rate based on book income;
- 5% surcharge tax on incomes above $10 million and another 3% on income over $25 million; and
- Increased IRS funding for audits