Under the guise of helping “families,” President Biden is preparing another huge tax hike. Fresh off the infrastructure package that involves $2 trillion in new government spending, Biden’s “American Families Plan” will be an additional $1.8 trillion. National Review reports Biden will unveil the massive spending package in his address to a joint session of Congress Wednesday night.
Specifically, the American Families Plan “includes $400 billion to extend the existing child tax credit, $225 billion in childcare subsidies, $225 billion for a national paid family leave program, $200 billion for universal preschool, and much else” reports National Review.
A senior administration official told CNN “these are generational investments in our future, in the future of our families and the future of our kids.” To pay for the plan, “Biden intends to hike the top marginal tax rate to 39.6% for Americans with incomes above $400,000.” The tax on wealthier individuals is expected to raise $1.5 trillion over the next ten years.
One senior administration official told reporters Biden’s “plan is about cutting taxes for middle-class families, for childcare, for health care…and he believes that we should do that in a fiscally responsible way, first and foremost, by making sure the wealthiest Americans actually pay the taxes they already owe.” The official then added, “there is broad support among the American people for this approach.”
National Review sums of the reality of the so-called “fiscally responsible” approach. “Tax capital gains at the highest rate; tax capital gains at death and eliminate ‘step up in basis’ loophole, which allows revaluing of states after the individual’s death; invest $80 billion in IRS tax enforcement and compliance measures; and collect the remaining revenue from the corporate tax increases of the American Jobs Plan.”
In addition to child-focused care, the initiative also expands unemployment insurance programs. Senate Democrats demand states offer half a year of benefits at 75 percent of a worker’s former pay and provide benefits to part-time employees and those who leave their jobs with good cause.
There’s more. “Under the education investment umbrella of the bill, an extra $85 million is being allocated to Pell Grants for low-income students seeking undergraduate degrees and $9 billion to train and diversify American teachers, as well as provide two years of free community college to all Americans” reports National Review.
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