Here are some of the policies he plans to put in place to get Americans back to work, increase the number of jobs, increase racial equality and raise taxes, with the goal of reopening the economy.
The plan also includes providing funds to state and local governments so they can avoid budget deficits, and asking Congress to help schools with Covid-19 resources and cover some of the Covid-19-related costs for small businesses.
Inequality
- Increase the highest income tax rate to 39.6%, where it was during President Barack Obama’s administration, from the current 37%
- Increase the corporate tax rate from 21% to 28%
- Require US companies to pay a minimum tax of 21% on foreign income
- File a tax fine for companies that move jobs overseas but continue to sell products back to America
- Requires a 15% tax on book income for businesses
- Anyone who earns more than $ 1 million a year would be taxed at the same rate for investment income as for their wages
Biden also said he wants to expand the child tax credit to help working families during the pandemic to give parents $ 3,000 per year for each child between the ages of 6 and 17, and $ 3,600 per child under the age of 6. He plans to access refundable tax credits for health insurance premiums, up to $ 8,000 a year in tax credits to help pay for childcare.
Jobs
Biden plans to create “at least 5 million” new jobs in the industry. He wants to invest $ 400 billion in procurement investments – processes like supply chains – that drive demand for US 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 be increased to at least $ 15 an hour.
As part of his job plan, Biden also plans to invest $ 70 billion in historically black colleges and universities and tribal schools, a move that will encompass a host of initiatives, including scholarships and new facilities.
As for clean energy, his administration would buy billions of dollars in clean vehicles and products and demand countries that are not environmentally friendly to pay a carbon correction tax.
Another priority in Biden’s plans is to promote racial equality. He said he will fund national and local investment initiatives for Black and Brown entrepreneurs, as well as providing $ 100 billion in low-interest business loans to Black and Brown communities through national and local credit programs.
Student grants
Biden is calling for $ 10,000 of each student’s federal student loan debt to be immediately canceled as part of the pandemic emergency response. An additional $ 10,000 in student loan debt will be forgiven 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 scholarships and increase the number of students with access to financial aid, while cutting federal student loan payments in half.
Those who have attended historically black colleges or minority institutions and earn up to $ 125,000 should forgive all debt, according to Biden, and the schools would receive tuition for students whose family incomes are less than $ 125,000.
Additional proposals
Biden wants to cut private dollars from federal elections through a constitutional amendment, his website said would require candidates to rely solely on public dollars for their campaigns. He also calls for a law to prevent foreign nationals from influencing US elections and for greater transparency on election spending, so that an ad on Facebook are required to identify its donors.
In terms of infrastructure, Biden will propose a $ 1.3 trillion plan over 10 years aimed at creating Middle-class American workers who are more globally competitive are pushing the US to adopt more clean energy processes and grow the economy.
About how these revisions will be paid, Biden said reversing Trump’s tax cuts will offset some of the plan’s costs.