Biden Wants to $1.8 trillion to Families, Students and Children at the Expense of Rich Americans

Biden will unveil a new social assistance plan at a joint session of the Congress in less than a month after making a proposal to help the economy with $3 trillion and support those affected by the effects of COVID-19 with $1,9 trillion.

The new program requires about $1 trillion in investments in services, education, grants, food, and $800 billion in tax breaks over 10 years. The president expects that the costs will be fully compensated in 15 years, in particular, by increasing the amount of taxes paid by the richest Americans, CNBC reports.

To fund the program, the government has to partially repeal key provisions of the 2017 tax cut law, which is a key legislative achievement of former President Donald Trump's first year in the office.

The new plan calls for raising the top income tax rate to 39.6% for the wealthiest Americans. This rate was reduced to 37% for married couples with a taxable income of more than $600 thousand in 2017. It will also raise the capital gains tax to 39.6% for households earning more than $1 million a year.

Also read:
3 Factors That Affect the Real Estate Market in the US
Tenants in New York City Owes More Than a Billion Dollars

Quoting conditions of Prian.info materials