WASHINGTON (AP) — President Joe Biden’s administration wants to make a $1.8 trillion down payment on the future of children, families and higher education, saying it would produce lasting benefits for the economy. Paying for it would be $1.5 trillion of tax hikes over the next decade on the wealthiest households.
A closer look at where the money is going and where it’s coming from:
INITIATIVES
— $200 billion to provide free preschool to all 3- and 4-year-olds. The administration estimates that 5 million children would benefit and an average family would save $13,000.
— $109 billion to offer two years of free community college to all Americans. Eligible for the program would also be young immigrants living in the U.S. illegally who were brought to the country as children to remain here.
— Increase the maximum Pell Grant award by $1,400 per eligible student. Pell Grants are financial aid for low-income students, and the increase would help to reduce the dependence on education loans.
— $46 billion for historically Black colleges and universities as well as tribal colleges and universities. This would include $39 billion to provides two years of subsidized tuition for students from families earning less than $125,000 a year.
— $9 billion for scholarships and training for teachers.
— $225 billion to subsidize child care for families and support child care workers. Families earning 1.5 times their state median income would pay a maximum of 7% of their income for all children under age 5.
— $225 billion to create a national family and medical leave program. The program would provide workers up to $4,000 a month, with a minimum of two-thirds of average weekly wages replaced, rising to 80% for the lowest-wage workers.
— $45 billion to improve school meals and offer food benefits to children during the summer.
— Peg the length and amount of unemployment benefits to underlying economic conditions, creating an automated response to a downturn.
— $200 billion to make temporary reductions in health insurance premiums for the Affordable Care Act plans permanent.
— Extend through 2025 an enhanced child tax credit that could be paid out monthly. Eligible families would receive $3,600 annually per child for children under age 6. The payment would be $3,000 per child for children ages 6 to 17.
— Permanently increase tax credits for child care. The credits would cover as much as half of a family’s spending on care for children under age 13, up to a total of $4,000 for one child or $8,000 for two or more children.
— Make the expanded Earned Income Tax Credit permanent for childless workers.
— Allow the IRS to regulate paid tax preparers.
FUNDING SOURCES
Biden’s plan would cover these proposed expenses by:
— Increasing IRS enforcement funding to audit wealthier taxpayers and mandate that financial institutions report earnings from investments and business activity in ways similar to wages. This could raise $700 billion over 10 years.
— Raising the top tax rate on the wealthiest Americans from 37% to 39.6%. The rate had been 39.6% before the 2017 tax cuts.
— Taxpayers earning $1 million or more a year, the top 0.3%, would no longer pay a 20% rate on income from capital gains such as the sale of a stock or other asset. They would pay 39.6% instead.
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
—-
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.
Just Joe’s version of cradle to grave Democrat socialist indoctrination and government dependency, paid for by the very taxpayers they seek to beguile and control. When THE PEOPLE fail to get taught the ability to govern SELF, out the window goes the concept and ability for American collective SELF-Government. Part of governing SELF begins with paying ones own educational costs either through hard labor or earned scholarships. When everyone gets educated or indoctrinated for free, all we end up with are smarter government thieves and criminals with no ability to CREATE prosperity, just redistribute what others have created, livng off past created now dininishing American wealth
SO yet MORE Freebies to the ‘so-called poor’, who by now, ALREADY RAKE IN MORE MONEY than some do WORKING for a living..
So when rich kids getting their education for free because their parents pay for it all, they are all government thieves….like Trump and all his kids.
People keep forgetting that if they join the military they can receive assistance under the GI Bill. But that would mean actually “serving” the USA, rather than the USA serving them!
It would also require they do something most these days , seem to be unwilling to do.. SACRIFICE!
Yep, indoctrinate the pre school kids with communism and tax the wealthy, so their are no jobs produced in our Country. Tax the corporations and companies, so they move out of our Country and as a result, there is a loss of jobs to the American citizens. Joe Criminal Traitor Biden.
I assume that all this money for schoolchildren will be predicated on the teachers going back to work? [/sarc]
AND as i keep saying, WHY THE HELL should us who HAVE NO KIDS, keep paying for EVERYONE ELSES brats!
The whole thing is a thinly veiled socialist agenda.
BTW, most of the unemployment benefits would be unnecessary if we cut out the bureaucracy, red tape and high taxes on businesses, and let the free market do its thing just like what President Trump implemented. But the Demonrats want power, control and wealth at the expense of the average American.
THINLY Veiled?? Sorry, but its NO LONGER under any veil!
The Dishonorable, Socialist Democrat Party in the U.S. game plan is to lie, cheat and steal elections in order to take total control of the American people, increase Taxes on everything and bring American commerce and economy to its knees.
Then access power and retain it by any means available –
no matter the costs to the people, the government or the nation.
The words of Abraham Lincoln to honour the soldiers that sacrificed their lives in order
“that government of the people, by the people, for the people, shall not perish from the earth”
The intentions of the Socialist Democrat Party –
“that government of the Socialist Democrat Party, by the Socialist Democrat Party and for the Socialist Democrat Party.”
The “Socialist Democrat Party State” political officers, Gestapo, Woke and Cancel Culture are just getting started.
You will obey, be loyal and support the “Socialist Democrat Party State” or you will be classified as
“Enemies of the State”.
This administration are ALL crazy !
Insanity!
When has anything the left done, NOT BEEN loaded with insanity!