First 100: American Families Plan
May 5, 2021
On the eve of his 100th day in office, Biden unveiled the American Families Plan in a speech addressed to a joint-session of Congress.
The plan, a $1.8 trillion proposal from the president, comes off the heels of Biden’s proposed infrastructure plan and passed $1.9 billion Covid-relief bill. It focuses largely on education, family support and tax cuts.
Aspects of the proposal regarding tax cuts build largely on components of the American Rescue Plan, making tax credits and lowered health insurance premiums permanent. Biden anticipates paying for this through investing in the Internal Revenue Service to hone in on tax evasion committed by wealthy Americans and raising taxes on them — raising the top marginal income tax rate from 37% to 39.6%, only for those in the top 1%.
Biden also plans on ending special tax breaks for hedge fund partners and real estate investors, as well as taxing unrealized capital gains at death.
The American Families Plan is an investment in our children and our families … together, these plans reinvest in the future of the American economy and American workers, and will help us out-compete China and other countries around the world,” according to the White House Briefing Room.
CLICK: As vice president, Biden described himself as an “ice cream guy.” Hover over each scoop of ice cream to learn about the sweet — pun intended — breakdown of each main component of spending in the American Families Plan.