Friday, October 22, 2021

What’s in Biden’s $ 1.8 Trillion American Families Plan?

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US President Joe Biden delivers remarks on the administration’s response to coronavirus disease (COVID-19) in front of the White House in Washington, USA, April 27, 2021.

Kevin Lemarque | Rueters

On Wednesday, President Joe Biden will present Congress with $ 1.8 trillion in new spending and tax credits for children, students and families, senior administration officials said.

Biden will unveil the massive new package less than a month after the White House presented a radical proposal to spend more than $ 2 trillion over eight years on infrastructure and other projects. Together, the plans comprise the Biden administration’s vision to reform the US economy as the nation seeks to recover and look beyond the coronavirus pandemic.

The new proposal, which includes about $ 1 trillion in investments and $ 800 billion in tax credits over a decade, will be fully offset in 15 years in part by increasing the amount of taxes paid by the wealthiest Americans, the House said. White.

Here’s some of what the new plan calls for:

  • $ 225 billion for high-quality child care and ensuring families pay only a portion of their income for child care services, based on a sliding scale
  • $ 225 billion to create a comprehensive national paid family and medical leave program
  • $ 200 billion for free universal preschool education for all three- and four-year-olds, offered through a national partnership with states
  • $ 109 billion to guarantee two years of free community college for all students
  • Approximately $ 85 billion for Pell Grants and increasing the maximum award by approximately $ 1,400 for low-income students
  • A $ 62 billion grant program to increase college completion and retention rates
  • A $ 39 billion program that provides two years of subsidized tuition for students from families earning less than $ 125,000 enrolled in a historically black college or university, tribal college or university, or institution that serves minorities.
  • $ 45 billion to meet children’s nutritional needs, including expanding access to the summer EBT program
  • $ 200 billion to make permanent the provision of the $ 1.9 trillion Covid stimulus plan that reduces health insurance premiums for those who purchase coverage on their own
  • Extending through 2025, and making permanently refundable in full, the expansion of the Child Tax Credit that was included in the Covid relief bill
  • Make the recent expansion of the Child and Dependent Care Tax Credit permanent
  • Make the Earned Income Tax Credit permanent for workers without children

“These are investments that we cannot afford not to make as a country,” a senior administration official said Tuesday night in a conference call with journalists.

CNBC policy

Read more about CNBC’s political coverage:

To fund the long list of tax benefits and programs, the proposal would, in part, reverse key pieces of the 2017 tax cut bill, the key legislative achievement of former President Donald Trump’s first year in office.

The Biden administration’s new spending plan would raise the top income tax rate to 39.6% for the wealthiest Americans. That rate had been reduced to 37% for married couples with more than $ 600,000 in taxable income such as part of the 2017 law.

The plan would also seek to close a series of so-called tax loopholes and raise taxes on capital gains to 39.6% for households making more than $ 1 million.

The Biden administration maintains that under the new plan, no one making $ 400,000 a year or less will see their taxes go up.

Biden is set to detail the plan Wednesday night, during an in-person speech before a joint session of Congress that also sets out his administration’s broader legislative priorities going forward. The event occurs on the eve of Biden’s 100th day in office.

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