President Joe Biden will make a pitch to Congress on Wednesday for $1.8 trillion in new spending and tax credits targeted at children, teachers, and families.
Biden will unveil the massive new package less than a month after the White House proposed spending more than $2 trillion on infrastructure and other programs over the next eight years.
The proposal, reflect the Biden administration’s vision for overhauling the US economy; as the country works to rebound from the coronavirus pandemic.
According to the White House, the latest budget, which involves around $1 trillion in investments and $800 billion in tax credits over a decade, would be entirely offset in 15 years; in part by increasing the amount of taxes paid by the richest Americans.
The plan will also close a number of tax loopholes; and raise capital gains taxes on households with more than $1 million to 39.6%.
According to the Biden administration, no one earning less than $400,000 a year can see their taxes rise under the new proposal.
Biden is set to detail the plan Wednesday night, during an in-person address before a joint session of Congress; that also lays out his administration’s broader legislative priorities. The event comes on the eve of Biden’s 100th day in office.
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