Washington: US President Joe Biden unveiled a framework for a $1.75 trillion social expenditure package following weeks of intensive negotiations with Congressional Democrats.

According to a White House fact sheet released on Thursday, Build Back Better Framework includes $555 billion in clean energy and climate investments; $400 billion in funding for child care and free preschool; $200 billion in child tax and earned income tax credits; and $150 billion in investments for affordable housing.

The framework seeks to impose new taxes on the largest corporations and the wealthiest Americans to raise revenue of around $2 trillion over a decade to fully pay for the social spending plan, media reports citing the fact sheet. If passed, the framework will impose a 15 per cent minimum tax on corporate profits for firms with earnings over $1 billion reported to shareholders, and a 1% surcharge on corporate stock buybacks, according to the fact sheet.

The framework would also apply a 5% surtax rate on individual incomes above $10 million and an additional 3% surtax on incomes above $25 million. The framework is far smaller than Biden’s original $3.5 trillion proposal and it has not been written into legislative language yet.

Joe Biden said in his remarks at the White House, before departing for a week of summits in Europe,  No one got everything they wanted, including me, but that’s what compromise is. That’s consensus. Given half a chance, the American people have never ever, ever, ever left the country down, so let’s get this done, Biden said, urging Congress to pass both the social expenditure package and the bipartisan infrastructure bill.