Pres. Biden will unveil another trillion dollar spending plan during his speech before Congress

The Washington Examiner reports that President Joe Biden unveiled his latest high-priced spending package when he addresses Congress on Wednesday. 

The spending plan is being referred to as the “American Families Plan.” It is expected to cost $1.8 trillion.

What’s in it?

The spending plan can, for the most part, be divided into two parts. The first $1 trillion will go to various social welfare investments and the remaining $800 billion will go to tax benefits.

Biden is proposing free universal preschool for all children 3 or 4 years of age as well as free community college, which, together, are estimated to cost $309 billion.

Another $225 billion, under Biden’s plan, would go to child care services for low- to middle-income families.

And, yet another $225 billion would go to the creation of a program for paid family and medical leave. Some of this money would also go to the expansion of food stamp programs.

In his plan, Biden is also looking to extend the child tax credit change that was made in the most recent coronavirus spending bill. That change has given families a tax credit of $3,600 for each child under the age of five and $3,000 for each child between the ages of six and seventeen. Biden’s plan would extend this version of the child tax credit through 2025.

The big question: How will it be paid for?

In order for Biden’s plan to have any chance, he has to find a way to convince Americans that he has a legitimate plan to pay for the $1.8 trillion proposal.

Biden, in his American Families Plan, claims that the proposal can be paid for over the next 15 years without raising taxes on people making $400,000 or less.

Biden claims that $700 billion of the bill can be paid for by increasing the Internal Revenue Service’s (IRS) funding so that it can better enforce tax law, by taxing the capital gains of households making over $1 million in income, and by raising the top marginal tax rate on labor income to 39.6 percent.

It is unclear, however, how Biden claims that the rest of the proposal will be paid for.

Either way, it is unlikely that Congressional Republicans, who are especially wary about further spending following the $1.8 trillion coronavirus spending bill that Democrats rammed through Congress, will get on board with the American Families Plan.

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16 Responses

  1. Never once has he said anything about helping seniors in their problems to have a better life. The people that worked all their lives and paid the taxes that helped the government run this country.

  2. I was totally taken aback when President Biden turned around to face Vice President Harris and informed the nation that she would be placed as the leader and head of the total Infrastructure Bill. To keep those projects alive and to save the nation.
    That is now two main projects that she will and can ignore.

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  4. OMG; What’s the plan??? it’s time to OPEN UP the economy an get back to Work an STOP the CRAP GrandPA Joe need’s to get Americans working Stores open Restaurants open an get back to Normal.

  5. This is all bull…we don’t need the burden he’s willing to put our grandchildren n their children…kids aren’t in school so it’s unnecessary to pour money into that…we don’t need social services to take care of illegals coming into the country…and so on…they are all lies just like the ones he made on the campaign trail…he has broken everything he said he would not do… I don’t want my tax dollars going to fund any of his crap…impeach ASAP

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  9. Biden, you have the money to get in your stupidity. Go get his yacht and then he can be like us. and make Hunter help it in too.

  10. fantastic put up, very informative. I wonder why the other experts of
    this sector do not understand this. You must continue your writing.
    I am sure, you’ve a huge readers’ base already!

  11. You can’t spend money you don’t have! Oh, I forgot, we’ll print some more! But what will we do when America is bankrupt? If biden wants to transfer money, let’s use his and hunters! They got their money from china, and russia! They should both be in prison! Lock em up and throw away the key’s!

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  13. Biden is the worst president in all of the American History . He will be laugh at as the most dummist also we the republic hate him He is a bag of Sh-it

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