President Biden, on Wednesday, will Outline the American Families Plan, a Package that would call for $1 Trillion in New Spending and $800 Billion in New Tax Credits, and aim to significantly Expand Access to Preschool and Community College, as well as, Child Care and Health Care Benefits.
The American Families Plan calls for:
- $200 Billion Program offering Universal Pre-Kindergarten for All Three-and Four-year-olds.
- $109 Billion for Tuition-Free Community College for any American who wants it.
- $85 Billion to Increase Pell Grants to Benefit Low-Income and Minority Students.
- More than $4 Billion in Funding for Larger Scholarships, Certification, and Support Programs for Teachers.
- Build upon Provisions of the American Rescue Plan by Extending the Affordable Care Act Premiums Tax Credits Indefinitely.
- Make the Earned Income Tax Credit Expansion for Childless Workers Permanent.
- Permanently make the Child Tax Credit fully Available to the Lowest-Income Families, while Extending other Aspects of the Expansion of the Credit, such as the Increase in the Credit Amount, through 2025.
- The Creation of a National Paid Family and Medical Leave Program. The $225 Billion Investment would provide Workers up to $4,000 a Month if they Require Leave to Care for a New Child, Care for a seriously Ill loved one, Deal with an Illness, or another Serious Reason.
- $45 Billion Investment in Meal Programs for Children and Low-Income Families.
- Unemployment Insurance Reform.
- $225 Billion for Investments in Child Care that would include a $15 Minimum Wage for Early Childhood staff and Expanded Child Care Center Accessibility.
Officials said the Plan would be Paid for through Tax Reforms targeted at Wealthy Americans, such as an Increased Capital Gains Tax Rate, a Higher-Top Income tax Rate, and Increased IRS Auditing Inforcement on High-Income Individuals and Businesses.
“We view the American Families Plan as a core element of President Biden’s strategy to build back better and generate a strong and inclusive economy for the future,” a Senior Administration Official said.
Biden has faced Pressure from Members of his Party, including House Speaker, Nancy Pelosi (D-CA, 12th District), to include Health-related Provisions Expanding Health Coverage and Lowering Drug Prices. The Ideas had initially been expected to be Part of the Plan, but Biden did Not Include them in the Final Version.
The White House views the Proposal as a Companion to Biden’s $2.3 Trillion Infrastructure and Climate Plan he announced last month, and Officials said that the Investments would be made over a 10-year period.
Biden’s proposed Jobs Plan would be Paid for through an Increase in the Corporate Tax Rate, while Wednesday’s Proposal would Roll-Back the 2017 Trump Tax Cuts by Increasing the Top Individual Tax Rate from 37% to 39.6% for Taxpayers in the Top 1% of Income. Biden is also Proposing an Increase in the Capital Gains Tax Rate for Households making more than $1 Million to 39.6%, which Officials have said would only Impact 0.3% of Taxpayers.
Biden and other Top Administration Officials are set to embark on a Publicity Blitz after Wednesday’s Speech to Educate the Public about both the Infrastructure Proposal and the Families Plan and Win over Support for both Measures.
NYC Wins When Everyone Can Vote! Michael H. Drucker
