The House's version of President Joe Biden's signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation (JCT).

The plan also includes $24.8 billion for a fee on businesses that pollute, pushing the total of new revenue to roughly $1.5 trillion. Still, the money from tax increases on the wealthy and corporations falls short of the $1.75 trillion that Democrats say they want to spend on new social programs.

The estimates from Congress's official tax scorekeeper are likely to be closely analyzed by centrist Democrats, including Senator Joe Manchin of West Virginia, to make sure that the cost of new spending is fully offset with new revenue. Biden has pledged that the bill won't add to the deficit, and Manchin has said that's a crucial metric for him to support the legislation.

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