President Joe Biden will pitch to congress about the new proposal which includes $1 trillion of investments and $800 billion in tax credits.
The United States president will call on Congress for this new proposal mainly aimed at children and families over a decade. It will fully offset in 15 years in part by the taxes paid by the wealthiest and richest Americans, the White House said. This spending plan would hike the top income tax rate to 39.6% for the households making more than $1 million while it would stay the same for people making $400,000 per year or lesser.
An insight to the new proposal of Biden administration.
There are many investments which include $225 billion each for high-quality child care and to create a national comprehensive paid family and medical leave program. $200 billion for free universal preschool for 3-4 years olds and $109 billion ensuring free community college for students. There is also a grant award for low-income students and grants for college completion rates and retention. It will include child nutritional needs and two years of subsidized tuition for students. He intends to make a permanent $1.9 trillion Covid stimulus plan which will lower health insurance premiums.
A vision for the greater good?
This has been a massive spending plan after a sweeping $2 trillion infrastructure plan over 8 years. According to a senior administration official, “these are investments they cannot not make as a country”. These spending plans are intended to boost the U.S economy, overcome and look beyond the coronavirus pandemic.