Biden proposes a plan for approximately $1.8 trillion to finance global preschool, free community college, and increased access to childcare in his speech to Congress on Wednesday, April 28, 2021, according to the White House.
This U.S. Household Plan will raise taxes on the rich to balance the price over the next three years. This is the second part of a two-fold plan Biden has to restructure American wealth. The plan comes after the American Jobs Plan for $2 trillion that he revealed in March.
To meet this goal, Biden proposes multiple tax increases on the wealthy to fund this goal and raise the tax structure on the richest Americans and capital gain to 39.6 percent.
According to officials, the strategy of putting money into community projects and aid families will diminish debt in the long run.
The American Families Plan will allow parents to send their three and four-year-olds to preschool free of charge. Additionally, it will permit students, regardless of their household income, to attend two years of community college for free.
It would also guarantee that poor to lower class-income families do not pay over seven percent of their earnings on child care, which could totally take away the cost for some struggling households. Furthermore, Americans can receive as much as $4,000 a month for up to 12 weeks if they have to miss work for reasons such as pregnancy, family, or personal leave.
“President Biden has made it plain: The days of our country failing to uphold and provide capital for the success of our children are over,” says Myra Jones Taylor, chief policy officer for nonprofit Zero to Three.
Written by Sharri Rogers
Edited by Cathy Milne-Ware
Sources:
NBC News: Biden to propose free preschool, community college in address to Congress; by Lauren Egan
CNBC: Biden calls for free, and affordable child care in the U.S.; by Megan Leonhardt
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Inset Image Courtesy of Andy Simond’s Flickr Page – Creative Commons License
