May 18, 2021

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What’s in Biden’s $ 1.8 Trillion American Family Plan

What's in Biden's $ 1.8 Trillion American Family Plan

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

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

The new proposal, which includes roughly $ 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 wealthier Americans, he said the White House.

Here are some of the things the new plan requires:

  • $ 225 billion for high-quality childcare and ensuring families pay only part of their income for childcare services, based on a sliding scale
  • $ 225 billion to create a comprehensive paid national family and medical leave program
  • $ 200 billion for free universal preschool 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
  • About $ 85 billion towards Pell Grants and raising the maximum premium to about $ 1,400 for low-income students
  • A $ 62 billion grant program to increase retention and college completion rates
  • A $ 39 billion program that offers two years of subsidized tuition for students from families earning less than $ 125,000 enrolled in a four-year historically black college or university, tribal college or university, or minority institution
  • $ 45 billion to meet children’s nutritional needs, including by expanding access to the summer EBT program
  • $ 200 billion to make the provision of the $ 1.9 trillion Covid stimulus plan that reduces health insurance premiums for those who buy coverage on their own
  • It extends until 2025 and makes the Child Tax Credit expansion included in the Covid bill permanently fully refundable
  • Make the recent expansion of the child and employee care tax credit permanent
  • Make the earned income tax credit permanent for childless workers

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

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To fund the long list of tax programs and benefits, the proposal would, in part, reverse key pieces of the 2017 tax cut law, the key legislative outcome 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 percent for the richest Americans. That rate was reduced to 37% for married couples with over $ 600,000 in taxable income as part of the 2017 law.

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

The Biden administration claims that under the new plan, no one earning $ 400,000 a year or less will see their taxes increase.

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

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