Here are some of the policies he plans to institute to get Americans back to work, increase the number of jobs, increase racial equity and raise taxes, with the aim of reopening the economy.
The plan also involves providing funds to state and local governments so that they can avoid budget breaks, and asking Congress to help schools with Covid-19 resources and covering part of the costs related to Covid-19 for small businesses.
Inequality
- Raise the maximum income tax rate to 39.6%, where it was during the administration of President Barack Obama, from the current 37%
- Increase the corporate tax rate from 21% to 28%
- Requiring American companies to pay a minimum 21% tax on foreign income
- Instituting a tax penalty for companies that transfer jobs abroad but continue to sell products back to America
- Require a 15% tax on accounting earnings for companies
- Anyone who earns more than $ 1 million a year would be taxed at the same rate of investment income as on their wages
Biden also said he wants to expand the child tax credit to help working families during the pandemic, giving parents $ 3,000 a year for every child aged 6 to 17 and $ 3,600 per child under 6. He plans to expand access to refundable health premium tax credits, up to $ 8,000 annually in tax credits to help pay for childcare.
Jobs
Biden plans to create “at least 5 million” new jobs in the industry. He wants to invest $ 400 billion in investments in acquisitions – processes like supply chains – that boost demand for American products and services and $ 300 billion in technology research and development, including artificial intelligence and 5G.
The federal minimum wage, which is currently $ 7.25, would be increased to at least $ 15 an hour.
As part of his job plan, Biden also wants to invest $ 70 billion in historically black colleges and universities and tribal schools, a change that includes a number of initiatives, including scholarships and new facilities.
As for clean energy, your government would buy billions of dollars in clean vehicles and products and demand that non-environmentally friendly countries to pay a carbon adjustment tax.
Another priority in Biden’s plans is the promotion of racial equality. He said he would finance state and local investment initiatives for black and brown businessmen, as well as provide up to $ 100 billion in low-interest commercial loans to black and brown communities through state and local loan programs.
Student loans
Biden is asking for $ 10,000 of each student’s federal student loan debt to be canceled immediately as part of the pandemic relief response. An additional $ 10,000 student loan debt will be forgiven for each year of community service provided by individuals for up to five years, on the Biden plan. He also wants to double the maximum amount of Pell grants and increase the number of students who can access financial aid, cutting federal student loan payments in half.
Those who attended historically black colleges or institutions that serve minorities and earn up to $ 125,000 should have all debts forgiven, according to Biden, and schools would be made free for students whose families had an income of less than $ 125,000.
Additional proposals
Biden is trying to eliminate private dollars from federal elections through a constitutional amendment, according to his website, which it would require candidates to rely only on public money for their campaigns. He is also calling for a law that prevents foreigners from influencing American elections and creates more transparency in electoral spending, so that a Facebook ad can it is necessary publicize your donors.
On the infrastructure front, Biden will propose a $ 1.3 trillion plan over 10 years with the goal of making American middle-class workers are more competitive on a global scale, pressing the US to adopt more clean energy processes and grow the economy.
As for how these reviews will be paid for, Biden said reversing Trump’s tax cuts will offset some of the costs of the plan.