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
What is the status of the proposal?
Will it pass?
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