The plan includes $300.5 billion in energy-related tax incentives, including electric vehicle tax credits and preferences for renewable energy.
The legislation increases taxes on corporations and other large businesses by nearly $814 billion over the decade. High-earners would pay $640.2 billion more in federal levies over the next 10 years, according to the estimates.
The 15% corporate minimum tax on financial profits is the single biggest new tax in the legislation, raising about $318.9 billion over the decade. Companies that report big profits to shareholders, but have lots of credits and deductions to reduce their IRS bills would be subject to that new tax.
The expansion of the 3.8% net investment income tax is the largest new tax provision affecting high net worth individuals. The bill would expand the scope of the levy so that it applies to business income from pass-through entities, such as partnerships and limited liability companies, raising about $252.1 billion over the next 10 years.
The House version of the legislation is still subject to negotiation even once it passes the lower chamber. Senators have said they want to revise some key issues in the bill, including the SALT deduction, immigration measures, and paid leave programs, which could impact the total cost and necessary offsets for the bill.
--With assistance from Erik Wasson.
This article was provided by Bloomberg News.