Biden proposes a new plan for 1800 billion families and middle classes. And you finance it with more taxes for the rich

“An investment in our children, in families, in the future.” Creating an economy that leaves no one left behind. Joe Biden has unveiled the last major pillar of his reforms: a $ 1.8 trillion plan to support the middle and underprivileged classes. Which explicitly targets social and ethnic inequalities, driven Tax increases on the rich This raises the public resources allocated to rebuilding America after the pandemic, under the slogan of building back better, to 4,100 billion, in addition to 2,300 billion proposals for infrastructure, environment and employment.

Speech to Congress after 100 days at the White House

This drawing will be the spirit of his first speech, this evening, in front of Congress in two chambers. His new and more dramatic promise to the country on the 100th day of the White House. In addition to his speech on Capitol Hill, Biden outlined the draft American Families Plan in a dense 15-page document he hopes will become law passed by Parliament, even at the expense of forcing his hand into procedural maneuvering, abandoning bipartisan efforts and benefiting only from the fragile Democratic majority against the unanimous Republican opposition. .

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The 15-page American Families Plan

The 15 pages start immediately with two big numbers: 1,000 billion in expenditures and 800 in tax credits and credits. Focusing on education, health, childcare, paid work permits, and anti-poverty aid. Focusing tax increases on the 1% of Americans earning more than $ 400,000 a year is also important: It will make a dowry of $ 1,500 billion in ten years and cover all investments in 15 years. Already large numbers had sparked a Republican revolt against excessive government expansion: Their response to Biden’s speech was ready to be prominent, as it was entrusted to the only African-American senator in the party, Tim Scott.

Ambitious reforms

The details of Biden’s plan go further, putting pen to paper a complex set of programs that do not hide transformational ambitions, reviving and expanding middle classes that often are impoverished or torn apart by inequality and discrimination. The President called for the “courageous measures” needed in times of crisis. More aggressive, due to the premise of redistribution and progressive influences, than those of his more recent Democratic Oval Office predecessors, Barack Obama and Bill Clinton. Republicans had cut it in 2017. It is the percentage that would be paid, without concessions, even on capital gains and dividends by those who earn more than a million annually, or 0.3% of the population. Hedge Fund Kings’ entry “discounts” will be canceled. Changes in inheritance taxes will increase the burden on capital gains on inherited assets. The richest taxpayers will be subjected to controls: the White House is convinced they are hiding up to a fifth of the income and intends to collect $ 700 billion in ten years.

Expenditure on education in the guide

But it is expenditures and subsidies for the less-rich that make up the lion’s share of the Biden plan. In total, access to the education sector reaches over 500 billion, with an unprecedented four years of school and university free for all: two for pre-kindergarten (209 billion) and two community colleges (109 billion), which could be a precursor to four. Years degree. An additional 200 billion dollars are being activated in subsidies for needy students, from African American universities, and teacher training and recruitment. More childcare, worth $ 225 billion, will be targeted to families whose wages are up to one and a half times the average income in each state, so that no one spends more than 7% of what they earn on these services. This shortfall will cost the US economy $ 57 billion a year.