Joe Biden to Introduce $1.8 Trillion ‘Human Infrastructure’ Proposal to Congress to Expand Social Welfare Programs

U.S. President Joe Biden speaks about updated CDC mask guidance on the North Lawn of the White House on April 27, 2021 in Washington, DC. President Biden announced updated CDC guidance, saying vaccinated Americans do not need to wear a mask outside when in small groups. (Drew Angerer/Getty Images)
Drew Angerer/Getty Images

President Joe Biden will introduce a reported $1.8 trillion American Families Plan, or “human infrastructure” proposal, Wednesday in nearly a 5000-word speech to Congress.

The human infrastructure plan includes $109 billion for free college tuition for Dreamers, free two-year community college for all, free universal pre-K, free aid for minority-serving institutions, a free family leave program, and an expansion of the Child Tax Credit, according to a report.

An administration official purportedly told the Daily Mail Tuesday:

There is a wealth of economic research that shows that the investments proposed in the American Families Plan will yield significant economic returns, boosting productivity and economic growth, producing [a] larger, more productive, and healthier workforce on a sustained basis, and generating savings to state … and federal government.

To pay for the social welfare expansion, Biden intends to tax the rich by collecting $700 billion over ten years partly through stricter IRS enforcement tactics. As reported by the Daily Mail, Biden also plans to:

  • Focus on corporations and high-worth individuals who may be hiding income with new disclosure requirements for large companies, businesses estates, and higher-income individuals, where the majority of the underreporting and tax noncompliance currently is.
  • Reverse the 2017 tax cuts so to raise the top marginal income tax rate on wealthy Americans to 39.6 percent – up from 37 percent – with a focus on those in the top one percent.
  • Raise capital gains tax rates for households that earn more than $1 million a year.
  • He will also close a loophole known as ‘step up basis’ that allows the wealthy to escape taxes on accumulated gains when they leave it to their heirs but will exempt family-owned businesses and farms when given to heirs who will continue to run them.

Biden will deliver his speech, maskless, to about 200 people — 1,400 invitees short of a traditional speech of this magnitude due to the coronavirus, at the behest of House Speaker Nancy Pelosi (D-CA).

Both the House and the Senate, however, have gathered in their respective chambers during coronavirus for impeachment and swearing-in.

 

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