DETAILS OF BIDENS STIMULUS PLAN
June 30, 2021 - Douglas Myser
Details of Bidens stimulus plan. Candidate Joe Biden had promised a spending program that would be designed to lift up the middle class of Americans, who he felt were left behind in the last twenty years, by a tax code designed to give all the tax breaks to the top one percent of Americans. Seeing a further decline in the number of homeless, those without health insurance, and wages that had stagnated over a very long period of time, Biden promised to use the power of government to reverse that trend. Many scholars have stated in numerous articles over the last decade, that the United States was slowly slipping into a two tiered society, losing the middle class that had provided economic, but more importantly, political stability to the country. Details of Bidens stimulus plan.
Republicans have expressed much less interest in additional spending for education, child care and paid leave than they have for building roads and bridges. They have also chafed at the tax increases needed to fund such programs. The president is proposing an increase in the marginal IRS income tax rate for the top 1 percent of American income earners, to 39.6 percent from 37 percent. He would increase capital gains and dividend tax rates for those who earn more than $1 million a year. And he would eliminate a provision in the tax code that reduces capital gains on some inherited assets, like vacation homes, that largely benefits the wealthy. President Biden would also invest $80 billion in government and technology enhancements for the IRS in hopes of netting $700 billion to potentially $1 trillion in additional revenue from high earners, wealthy individuals, corporate America, and those not paying into the system.
Workers with only high school degrees are often stuck in low wage jobs, and two thirds of mothers with young children are employed, and thus need reliable child care. The high cost of quality day care and pre-K puts these services out of reach for many families, who may rely on informal networks or relatives and neighbors who are untrained in early education. Details of Bidens stimulus plan.
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