4 ways Joe Biden intends to fix the economy

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Here are some of the policies he intends to put in place to get Americans back to work, to increase the number of jobs, to increase racial equity and to increase taxes, in order to reopen the economy.

Biden’s first day’s plan, as detailed on his campaign website, is to control the Covid-19 crisis. It calls for doubling the number of drive-thru test sites across the country, investing in home testing and hiring at least 100,000 Americans to track contacts. He also wants to invest $ 25 billion in the manufacture and distribution of vaccines, in order to receive a vaccine for every American at no cost.

The plan also involves providing funding to state and local governments so that they can avoid budget shortfalls and asking Congress to help schools with Covid-19 resources and cover some of the costs of Covid-19 for small businesses.

Inequality

Biden said he would not raise taxes on people earning less than $ 400,000 a year. But he intends to increase revenue in the following ways:
  • Increase the maximum income tax rate to 39.6%, where it was during the administration of President Barack Obama, from the current 37%
  • Increase the corporate tax rate to 28% from 21%
  • Ask American companies to pay a minimum tax of 21% on foreign income
  • Imposes tax penalty on companies moving jobs abroad but continues to sell products back in America
  • Apply for a 15% income tax for companies
  • Anyone earning more than $ 1 million a year would be taxed at the same rate for their investment income.

Biden also said he wants to extend the child tax credit to help families working during the pandemic provide parents with $ 3,000 a year for each child between the ages of 6 and 17 and $ 3,600 per child under the age of 6. years. It plans to expand access to tax credits for health premiums, up to $ 8,000 annually in tax credits to help pay for child care.

A study by the University of Pennsylvania’s Wharton School projects Biden’s fiscal plan, which will increase revenue by $ 2.3 trillion to $ 2.6 trillion over the next 10 years, with little impact on GDP.

Jobs

Biden intends to create “at least 5 million” new jobs in production. He wants to invest $ 400 billion in investment in procurement – processes such as supply chains – which increasing demand for American products and services and $ 300 billion in technology research and development, including artificial intelligence and 5G.

The federal minimum wage, which is currently $ 7.25, would have been increased to at least $ 15 per hour.

As part of its job plan, Biden also wants to invest $ 70 billion in historic colleges and universities and tribal schools, a move that includes a number of initiatives, including scholarships and new facilities.

In terms of clean energy, his administration will buy billions of dollars worth of clean vehicles and products and will require non-green countries. to pay a carbon adjustment fee.

Another priority in Biden’s plans is to promote racial equity. He said he will fund state and local investment initiatives for black and brown entrepreneurs, as well as provide $ 100 billion in low-interest business loans to black and brown communities through state and local loan programs.

Student loans

Biden is calling for the immediate cancellation of $ 10,000 in federal student loan debt as part of the pandemic emergency response. An additional $ 10,000 will be forgiven for student loans for each year of community service by individuals for up to five years, according to Biden’s plan. He also wants to double the maximum amount of Pell grants and increase the number of students who can access financial aid, while halving federal student loan payments.

Those who have historically attended black colleges or institutions that serve minorities and earn up to $ 125,000 should have all debts forgiven, according to Biden, and schools would be made without schools for students whose family incomes are under $ 125,000. .

Additional proposals

Biden is planning too adopt Elizabeth Warren’s bankruptcy reform proposal, which would simplify bankruptcy proceedings and allow people to file for bankruptcy for bankruptcy to set aside child care funds and items such as toys and books.
It also wants to extend workers’ protection rights and make it easier for workers to join unions, without forcing employers to hold mandatory meetings or impede negotiations.

Biden is seeking to remove private dollars from federal elections through a constitutional amendment, according to his website, which would require candidates to rely solely on public dollars for their campaigns. He also calls for a law to prevent foreign nationals from influencing U.S. elections and creating more transparency on election spending so that a Facebook ad can is required to reveal their donors.

In terms of infrastructure, Biden will propose a $ 1.3 trillion plan over a 10-year period to be implemented. More middle-class American workers on a global scale are pushing the United States to adopt cleaner energy processes and grow the economy.

As to how these revisions will be paid, Biden said reversing Trump’s tax cuts will offset some of the plan’s costs.

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