Biden will announce a $ 1.8 million plan to expand the U.S. social security network

Joe Biden will announce a $ 1.8 billion plan to expand America’s social security network, which will fund large tax increases on the wealthiest homes, senior administration officials have reported.

The proposal, which spans a decade and includes areas such as child care, paid leave, education and health, is the third part of the U.S. president’s $ 1 billion economic agenda and is expected to be the focus of the first joint session. Wednesday night in Congress, on the eve of his 100th day in office.

The scale of the latest plan – what will be called the “American Families Plan” – is larger than expected a few weeks ago and reflects Biden’s intention to rebuild the U.S. economy, beyond the immediate relief provided by the pandemic, with greater support for struggling households in struggling homes.

Its main features will fund $ 225 billion in child care spending and another $ 225 billion in measures to create a national family and medical leave program to support middle-class households and encourage women’s participation in the labor market.

In addition, the plan provides a budget of $ 200 billion for universal access to Early Childhood Education schools and $ 109 billion for two years of free community college, as well as additional funding to purchase health insurance. It also extends the tax credit to $ 3,600 per child until 2025.

The plan comes from above Biden $ 1.9 million in fiscal stimulus bills was established in March, and a second plan not yet approved by lawmakers pledged $ 2.3 million in federal funds in infrastructure expenditures, to be paid with higher corporate taxes.

Because Biden’s economic plans are ambitious, comprehensive, and costly, they face an uncertain path ahead of Congress. Republicans are expected to oppose the plan, which will likely force the president trust Democratsa very thin majority in both chambers to pass legislation.

The most controversial aspect of the American Families Plan is that it costs about $ 1.5 million tax hikes on wealthy Americans, A proposal put forward by Biden in his 2020 presidential campaign caused the reaction Among some critics of Wall Street and the American corporation.

Senior administration officials have confirmed that the plan will raise the highest income tax rate by 37 percent to 39.6 percent Americans who earn more than $ 400,000 eliminate the preferred tax treatment of capital gains and dividends in the case of those who earn more than $ 1 million, and allow people to pass on unrealized capital gains to their heirs without tax.

“In addition to overturning the president’s biggest tax law in 2017, the President’s tax agenda will reform the tax code so that the rich can follow the same rules as everyone else,” the White House said in a statement along with its proposal.

Biden wants to combine higher taxes on the rich with the enforcement of existing tax laws boost funding For the Internal Revenue Service. Officials expect the ensuing tax crackdown to bring in $ 700 billion in revenue over the next decade. “These issues are essential and necessary for tax fairness and ensuring that people actually pay the taxes they already owe,” said a senior administration official.

After presenting a plan to a reduced audience of U.S. Capitol MPs on Wednesday night, Biden is expected to travel to Georgia and Pennsylvania this week, two states that helped oust Donald Trump in the 2020 election.

Biden stressed that this was the case ready to negotiate with Republicans, but without them, he would have progressed if the GOP had blocked significant results. A senior administration official has said the White House is open to discussing alternative ways to pay the final $ 1.8 million plan if Congress goes against specific tax proposals.

The U.S. president’s rating of accepting jobs was 53.1 percent, according to a RealClearPolitics average, much higher than Donald Trump’s at this stage of his presidency. But the figure has been lower from a peak of 55.8 percent at the end of January, after Biden swore.

An ABC-Washington Post poll released on Sunday showed that Biden had the highest scores when it came to managing the coronavirus crisis. vaccines spread rapidly, while some of his lows were his own immigration manipulation On the US border with Mexico.

In terms of the economy, voters generally accepted Biden’s action, including a stimulus plan and infrastructure proposal, but wanted to work more with Republicans.