(Washington, DC) -- The White House is unveiling the framework for President Biden's social spending plan.
The total package costs one-point-seven-five trillion dollars. The administration says it includes six years worth of funding for universal preschool for all three and four-year-old children. It'll also extend the Child Tax Credit payment for one year where monthly payments will go to households with incomes of up to 150-thousand dollars.
As for how the bill is paid for, the White House says it's fully funded. They say that'll happen through a 15-percent corporate minimum tax and a one-percent surcharge on corporate stock buybacks would also be levied on companies.
Multi-millionaires and billionaires would be subject to a new surtax under the proposal.