Here are some policies he plans to get Americans back to work, increase the number of jobs, increase racial equity and raise taxes, with the goal of reopening the economy.
The plan also involves providing funds to state and local governments so that they can avoid budget deficits, and asks Congress to help schools with Covid-19 resources and to cover a portion of the Covid-19 related costs for small businesses.
Inequality
- Increases the highest income tax rate to 39.6%, where it was during President Barack Obama’s administration, from the current 37%
- Increase corporate tax rate to 28% from 21%
- Requires US companies to pay a minimum tax of 21% on foreign income
- Impose a tax penalty on companies moving jobs abroad but still selling products to America
- Requires a 15% tax on book revenue for companies
- Someone who earns more than $ 1 million a year is taxed at the same rate of investment income as they pay on their wages
Biden also said he wants to expand the tax credit for children to help working families during the pandemic to give parents $ 3,000 a year for each child between the ages of 6 and 17 and $ 3,3600 per child under the age of 6. He plans to expand access to repayable. tax premiums for health premiums, up to $ 8,000 per year in tax credits to help pay for child care.
Jobs
Biden plans to create ‘at least 5 million’ of new manufacturing opportunities. He wants to invest $ 400 billion in acquisition investments – processes such as supply chains – increases demand for U.S. products and services, and $ 300 billion in research and development in technology, including artificial intelligence and 5G.
The federal minimum wage, which is currently $ 7.25, will be increased to at least $ 15 per hour.
As part of its work plan, Biden also wants to invest $ 70 billion in historic black colleges and universities and tribal schools, a move that includes a number of initiatives, including scholarships and new facilities.
In terms of clean energy, his administration would buy billions of dollars worth of clean vehicles and products and require countries that are not environmentally friendly. to pay a tax on carbon adjustment.
Another priority in Biden’s plans is to promote racial equity. He said he would fund state and local investment initiatives for black and colored entrepreneurs, as well as provide $ 100 billion in low-interest corporate loans to black and colored communities through state and local lending programs.
Student loans
Biden is asking that $ 10,000 of each student’s federal student loan debt be canceled immediately as part of the response to the pandemic. An additional $ 10,000 student loan debt is forgiven for each year of community service performed by individuals up to five years, according to Biden’s plan. He also wants to double the maximum amount of Pell grants and increase the number of students who can access financial aid while halving federal loan payments.
Those who have historically attended black colleges or minority services and earned up to $ 125,000, Biden said, should be relieved of all debt, and schools will be tuition-free for students whose income is less than $ 125,000.
Additional suggestions
Biden wants to remove private dollars from the federal election through a constitutional amendment, according to its website would require candidates to rely only on public dollars for their campaigns. He also calls for a law that would deter foreign nationals from influencing U.S. elections and creating more transparency about spending elections, so an ad on Facebook is required to make known his donors.
On the infrastructure front, Biden will propose a $ 1.3 billion plan over 10 years aimed at American middle-class workers are more competitive on a global scale, pushing the US to employ more clean energy processes and grow the economy.
On how to pay for this renovation, According to Biden, reversing Trump’s tax cuts will offset the cost of the plan.