President Biden released the second portion of his economic plan on Wednesday: $1.8 trillion in new spending and tax cuts over 10 years for workers, families and children. That’s on top of the $2.3 trillion infrastructure plan he released at the end of March. Together, here’s what’s included:
Most of the spending and tax cuts in Wednesday’s proposal is directed at families, with provisions for a national paid family and medical leave program; child care subsidies; and extensions of several tax credit expansions from the most recent Covid-19 relief law.
Newly proposed education spending includes universal prekindergarten for 3- and 4-year-olds; two years of free community college; an increase in the maximum Pell Grant award; and investments in colleges and universities serving minority groups.
The plan also calls on Congress to adjust the unemployment insurance system so that it would automatically link the length and amount of benefits to economic conditions.
The president intends to pay for the infrastructure portion of the plan with 15 years of higher taxes on corporations.
The proposal announced Wednesday would be financed partly through tax increases on the wealthiest Americans. Part of that strategy is to give more money and enforcement power to the Internal Revenue Service to crack down on tax evasion.
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