News

Capitol Report: Biden’s ‘American Families Plan’ is coming. What’s in it?

0

President Joe Biden is set to soon unveil what he’s calling the American Families Plan, which is expected to focus on paid family leave, free community college and other domestic policies. What more is in it?

For now, the White House isn’t giving specifics. But details have started to leak out about what Biden is aiming to be the second part of his infrastructure plan. Here are some of the major elements of the families plan, based on media reports, analysts’ notes and officials’ statements.

Childcare: This area is expected to be one of the largest efforts in the plan, according to a Washington Post report. Funding could be roughly $225 billion for this priority, the Post said. A White House spokesman told the newspaper that the details of the package are still being finalized.  

Universal prekindergarten: Biden campaigned on this pledge, aiming to provide instruction to all three- and four-year-olds. The Post report put the cost for universal instruction at $200 billion.

Paid family leave: Biden during the campaign said he wanted 12 weeks of paid family and medical leave — this could reportedly cost $225 billion.

Free community college: First lady Jill Biden said on Monday that her husband is “ready for big ideas and full action” concerning education, “so that all Americans can go to community college, have the support they need to finish and get good jobs.”  

Cost of the plan — and paying for it: The overall plan would spend around $1.5 trillion and would likely be paid for by tax increases, said Sarah Bianchi of Evercore ISI in a note on Tuesday. Politico reported that the administration is still working out details, but proposals on the table include raising the top marginal tax rate back to 39.6% and taxing capital gains as ordinary income above a certain threshold. Biden has pledged not to raise taxes on those earning below $400,000 a year.   

Timing: Biden could use his April 28 address to a joint session of Congress to give more details on this plan, or roll out more information before the speech. Detailing his $2.3 trillion infrastructure plan on March 31, Biden said he’d talk about the families plan “in a few weeks.” He called both plans “essential to our economic future.”

Also read: Biden rolls out $2.3 trillion infrastructure plan: ‘It’s bold, yes, and we can get it done’

: Apple puts its custom chips into colorful new iMacs, upgraded iPad Pro

Previous article

Outside the Box: Teach your kid the magic of compounding so they can retire rich

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News