$1.8 trillion American Families Plan for the betterment of middle-class families to be unveiled by President Joe Biden in a speech to a joint session of Congress. Joe Biden after taking over the President’s office has been on the verge of reversing all kinds of Donald Trump’s Plans. The speech over the Congress joint session will be a call for reversing Trump’s tax cuts for the wealthy to pay for a huge middle-class spending program.
Joe Biden Reaching out to help the middle class
Joe Biden’s new plan regarding the American taxes leads its way up to be fair with the middle-class families. $1.8 trillion American Families plan cuts down the loopholes used by most wealthy people. The plan is funded by ending Donald Trump’s tax cuts and closing the doors used by most wealthy Americans to escape their share in the taxes.
As reported by one of the officials,” The President will be proposing a set of measures to make sure the wealthiest Americans pay the taxes they owe, while also ensuring that no one making less than $400,000 a year will see their taxes go up.”
Where will the money be spent? The Spending Program.
There are certain sectors where the money is supposed to be spent. As reported, the plan is yet to be approved by the deeply divided Congress. The Spending program would put money into early education, childcare, higher education, and other building blocks. The Biden administration has planned to reconstruct the country’s weathered middle class.
The plan also claims to provide $800 billion, which will be sent out in tax cuts for people with lower income. Along with that $1 trillion is to be invested. It is quite evident that President Joe Biden is strategizing the plan to build back a better and strong inclusive economy for the future.
It can be expected that the tax credits will cut the great amount of child poverty and reduce the price of much-needed childcare, as it will provide a larger and more productive workforce. As a result of this plan, the wealthy people will now have to pay a top income tax rate of 39.6 percent, thus, ending the reduction of 37 percent enacted by Trump.
It can be assured that the Biden plan is going to end all the loopholes and capital income tax breaks whilst raising billions.
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