Joe Biden has a level of Congress support few other presidents could brag about: both the Senate and the House of Representatives have a Democrat majority. That does not mean that approving the Build Back Better Act (H.R. 5376) will be easy: internal and foreign opposition will put Biden’s support to the test.
Elon Musk accused Ford and UAW of writing the new U.S. EV tax credit proposal, even if it theoretically makes Tesla eligible again. Scott Keogh said the incentive for EVs made by unionized factories is “fundamentally wrong.” None of that demoted Biden from including that proposal in the Build Back Better Act framework.
Language of the House of Representative’s latest proposal, released on Thursday, October 28, 2021, contains none of the prior provisions. The Build Back Better Act H.R. 5376 contains no modifications to the estate and gift tax exclusion amount or the basis step up rules.