HomePoliticsHere's What's in The $1.75 Trillion Economic Plan Biden will Try To...

Here’s What’s in The $1.75 Trillion Economic Plan Biden will Try To Sell To His Party

President Joe Biden on Thursday, before his departure to his second significant trip as President, will trim his enormous economic plan for the expansion of his social safety net hours.

The proposal worth $1.75 trillion emphasizes family care. Further, it addresses the climate catastrophe and also encompasses health care, lowering the middle-class cost of living and tax reforms.

The President marched his way to Capitol Hill on Thursday to discuss and pull up his framework to the House Democratic Caucus. Later he will deliver his opinion and remarks from the White House to inform the American people about his stand or viewpoint.

He has not planned anything particular to impress any party, and he may still face uncertainty with the opposition. Progressive House Democrats are still uncertain of the plan and are intimidated to hold their votes for the bipartisan infrastructure package. If not, the text is not released. The new schedule is packed with significant concessions. It lacks many vital points that the present government initially proposed to implement, including paid medical and family leave provision for prescription drugs. It also includes free community or dental, medical facilities.

The plan in detail:-

Children and caregiving

  • In children and caregiving, he proposed free and universal preschool for all 3-4-year-old children. According to the White House, this is the most comprehensive expansion of public education in the history of 100 years. It also includes funding for six years.
  • Access to premium and affordable child care to about 20 million children every year. It also will receive funding for six years.
  • For seniors and for the disabled, and improved Medicaid coverage is provided. This would be the most transformative investment in-home care in 40 years, according to the White House.
  • Child tax credit which was included in the American Rescue Plan was also expanded.

To cope up with the Climate crisis

  • According to the White House, a significant portion of the framework is assigned to climate. White House officials put forth that the framework that Biden is set to implement will return the US track to Biden’s Paris Agreement goal, which accounts for a reduction of greenhouse gas emissions to 50- 52%, below 2005 by the decade’s end.
  • $320 billion is credited for a clean energy tax. This includes a ten-year term for expanded tax credits in residential clean energy, transmission and storage, clean passenger and commercial vehicles.
  • For extreme weather, polluted communities, and to create a Civilian Climate Corps, which are meant to conserve public lands, $105 billion is granted.
  • $110 is expected to invest in promoting clean energy technology, manufacturing and supply chains.
  • For the purchase of future generation technology, including clean construction materials, $20 billion is assigned.

Health Care

  • For Americans who buy insurance through the Affordable Care Act, their premium is lowered. It accounts for 9 million Americans.
  • They are aiming to close the Medicaid coverage gap and provide health care through the Affordable Care Act.
  • They are expanding Medicare services to hearing services.

For Middle-class living

  • $150 billion is for the expansion of affordable housing. This plan will encompass 1million people to construct, rehabilitate and improve their affordable homes.
  • To extend the expanded Earned Income Tax Credit for 17 million low wage workers.
  • For more than 5 million students who are enrolled in public and private, non-profit colleges, their Pell Grant has been increased by $550.
  • The government is Expanding free school meals to 8.7 million children during their school years. Also, a provision of $65 is given to each child per month to buy food during summer. About 29 million children are to be benefitted.

Tax Reforms

  • The framework will inflict a 15% minimum tax on the profits of corporations that account for more than $1 billion profits to its shareholders. 
  • The plan also envisages a 15% country by country minimum tax on foreign profits of US corporations.
  • This plan also aims to impose a new surcharge on the income of multi-millionaires and billionaires. A 5% rate is imposed on income above $10 million and an extra 3% surcharge on income above $25 million.
  • It would employ IRS enforcement agents to modernize outdated IRS technology and also invest in taxpayer service.

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