Joe Biden is set to deliver his first speech to a joint session of Congress on Wednesday night, just two days before his 100th day in the White House. The speech will give Biden the chance to tout his accomplishments thus far, and present his vision for the future. Specifically, he is expected to announce […]
Joe Biden is set to deliver his first speech to a joint session of Congress on Wednesday night, just two days before his 100th day in the White House.
The speech will give Biden the chance to tout his accomplishments thus far, and present his vision for the future. Specifically, he is expected to announce a new $1.5 trillion spending and tax proposal dubbed the “American Families Plan.”
The legislation seeks to build on Biden’s “American Rescue Plan,” the whopping $1.9 trillion relief package passed in March.
His administration suggests that the new plan is needed to provide more Americans the opportunity to succeed, assist struggling families, and provide the U.S. with a competitive edge against rivals like China, Fox Business reports.
The plan calls for at least four years of free, public education for every child and a universal “high-quality preschool” for all children ages three to four. Additionally, two years of free community college will be made available.
The universal preschool is expected to cost taxpayers about $200 billion, while the free community college will cost about $109 billion.
The administration said the focus of the plan is on the country’s physical infrastructure and the creation of jobs. It will ensure that qualifying families do not spend more than seven percent of their income on child care, and will provide nutrition assistance to reduce childhood hunger.
Some families will even benefit from additional tax cuts in the form of child tax credits, earned income tax credits and child care/dependent care tax credits.
And, it will tax the wealthiest Americans more: 39.6 percent.
