Biden addresses a plan to Congress in order for America to progress.
He brings up a national family leave program and calls for an expansion of Child Tax Credit. He will reveal more details to the public this upcoming week.
A part of his plan to contribute $1.8 trillion to the American Families Plan, it will be an investment for the “human infrastructure,” as the White House calls it. The plan will be paid for a tax on the rich and enforcement on corporations which will be rising by $700 billion over the next 10 years.
There is a controversy that the billions of dollars are controlled by the wealthiest would be better if that money would be distributed instead to families.
Even though the White House agrees that the plan is a good investment over the next ten years, it will yield some of the economy’s significant returns in the future.
A senior administration official tells reporters, “There is a wealth of economic research that shows that the investments proposed in the American Families Plan will yield significant economic returns, boosting productivity and economic growth, producing larger more productive and healthier workforce on a sustained basis, and generating savings to state and the federal states and the federal government.”
It is likely that Republicans will disagree on the rollout of this plan and Democrats will point out what it lacks, though it is the middle ground that the Biden administration has developed to create economic growth and help those that are in need.
There is no clear sign as to how long the plan would take in order for families to be stable and the public is unsure how it will be executed in the following years.point 234 |
A White House official comments that they “would like to see it passed as soon as possible.point 81 | ” Some are able to pass executive power to increase Pell grants, but others will need permission from the Congress to be approved.point 195 | 1
The plan will call for $200 billion for free universal pre-school and it will benefit at least 5 million kids, saving $13,000 for each family as the minimum. For college students, he proposes a $109 billion plan in order for there to be free community college throughout the nation that lasts for two years.
This will also increase Pell grants and invest in minority colleges while expanding training for teachers.
To pay for it, Biden has a four part proposal that will include corporations and high worth individuals that are hiding income, reversing 2017 tax cuts, households who make more than $1 million a year, and a step up basis that allows the wealthy to escape taxes but their heirs of family businesses will be exempt.