Biden’s Next $3 Trillion Effort Would Be Gamechanger for Parents

American Rescue Plan AcJoe BidenCOVID-19

What would it do?

told the New York Timesclimate changethe Washington Post

  • $1 trillion total in infrastructure spending
  • $400 billion to combat climate change include $60 billion for green transit infrastructure
  • $200 billion for housing infrastructure, half of which would expand the housing supply for low-income Americans
  • Free universal pre-kindergarten, community college tuition, and tuition at historically Black colleges and universities
  • More subsidies for Affordable Care Act plans and childcare expenses
  • Extension of the new child tax credit through 2025
  • A measure to force pharmaceutical companies to lower their prices

How will we pay for it?

progressive tax increasesthere is a whole school of economic thoughtPost

  • Corporate tax rate from 21 to 28 percent
  • Global minimum tax (an internationally agreed-upon floor for taxes on multinational corporations) from 13 to 21 percent
  • Ending subsidies for fossil fuel companies
  • Highest income tax rate from 37 to 39.6 percent
  • Increasing taxes on wealthy investors
  • Limiting deductions for rich taxpayers

wealth tax

What is the status of the proposal?

Will it pass?

Related Articles:

The post Biden’s Next $3 Trillion Effort Would Be Gamechanger for Parents appeared first on Fatherly.