By Christiana Ioannou
Joseph Robinette Biden Jr., the 46th president of the Land of Liberty, has shown his highest priority for his term lasting from 2021 to 2025 is combating the COVID-19 pandemic that plunged “The States” in a state of recession. Other areas of focus are, narrowing income inequality, job creation, making public health care available to all Americans, moving forward with the “Made in all of America” campaign, address the pressing issues of climate change, education, infrastructure, and many more.
COVID-19 STIMULUS PACKAGE
Biden signed The American Rescue Plan Act of 2021 in March, which provides approximately $1.9 Trillion in addressing the continued impact of COVID-19.
KEY ELEMENTS OF THE AMERICAN RESCUE PLAN.
- Roughly $415 billion for the national vaccination program, scientific R&D, and manufacturing medical supplies;
- Economic relief Funding of approximately $360 billion to state, local and territorial governments;
- Approximately $176 billion for education;
- Direct payment of $1,400 to individuals’ filers and $2,800 for joint filers earning up to $75,000 and $150,000 a year;
- Provide unemployment compensation benefit of $300/week through the end of September;
- Temporarily increasing the max child tax credit at $3,600/child under age 6 and $3,000/child ages 6-17. This credit will be fully refundable to benefit low-income households.;
- Assistance in health insurance coverage; providing programs for children and older Americans; extending rental and homeowner assistance;
- Established $25 billion Restaurant Revitalization fund; $15 billion are added in Economic Injury Disaster Loan.
END PREFERENTIAL U.S. TAX TREATMENT
The new chapter of “Bidenomics” takes on the riches as the white house proposes to raise capital gain taxes to 39.6% for those earning $1million or more. Biden administration wants to increase taxes on individuals earning over $200,000 and raise the corporate tax rate from previously slashed Republicans 21% to 28%.
HEALTHCARE FOR ALL
The Democratic president has promised to strengthen the Affordable care act. And give health care coverage and insurance to 97% of Americans in 10 years. Biden has also proposed to lower the Medicare age from 65 to 60.
FUTURE OF EDUCATION & INFRASTRUCTURE
Education is one of the most stressed priorities for the Biden administration for its first 100 days. They are determined to safely reopen schools and colleges, eliminating the gap between low-income and moneyed schools, increase the pay of teachers, etc.
Biden has proposed to stress over early childhood education and forgive student loans and wants to make public universities and colleges free the families making less than $125,000.
Apart from the policies mentioned above, Biden has proposed several funds to scale the current infrastructure, roughly $1.3 trillion in over a decade and a budget spending of over $2 trillion in his first term presidency for clean energy and achieve net-zero emissions by 2050.
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