Joe Biden Economic Plans

President Joe Biden ran on an economic plan that included, among other things, bolstering the middle class, expanding healthcare, raising taxes on the wealthiest, and investing billions of dollars in green energy infrastructure. He'll also have to cope with the mounting costs of combating the coronavirus pandemic, as well as the resulting economic harm. Here are the specifics of his COVID-19 stimulus package as well as his bigger policy objectives. Biden signed the American Rescue Plan Act of 2021 into law on March 11, 2021, marking his first big economic win. Biden stated after the signing, "This historic legislation aims to strengthen the country's backbone and provide people in this country with a fighting chance as reported by Republican News Sources. That is the situation's essence."

The American Rescue Plan

On January 14, 2021, President Joe Biden formally announced his $1.9 trillion COVID-19 stimulus proposal. Biden signed the $1.9 trillion bill just days before, promising $1,400 stimulus checks, extended unemployment benefits, vaccine rollouts, and more, all in line with the pledges he made in Wilmington, Delaware, in January according to USA Wire News. "The economy as a whole is in tremendous pain." You won't see this sorrow if your scorecard is how things are doing on Wall Street," Biden said in Wilmington.

Taxes

President Biden wants a tax code that is pro-growth and progressive. Over the next decade, his plan is estimated to generate over $4 trillion in additional revenue". The wealthiest 20% of households (those earning $170,000 or more) would bear nearly three-quarters of the burden of Biden's proposed tax increase," according to the article. according to the Tax Policy Center. Here's a list of the adjustments he'd like to see:

Health Care

According to official data from the United States Census Bureau, the uninsured rate was 9.2 percent at the time of interview in 2019, compared to 8.9 percent in 2018. The number of persons without health insurance declined in one state but climbed in 19 others between 2018 and 2019. Overall, 8 percent of persons did not have health insurance for the entire year in 2019, compared to 8.5 percent in 2018 as per USA Wire. Biden slammed Trump's administration for repeatedly attacking the Affordable Care Act. He has committed to protect and expand the Affordable Care Act as president. Despite his desire to make healthcare a right rather than a privilege, he opposes Medicare-for-all and the elimination of private insurance because it would involve repealing Obamacare and restarting political debates. During the presidential debate on Sept. 12, 2020, he also claimed that Medicare-for-all would cost more than $30 trillion over ten years.

Students Educational Plans

President Biden has stated that tuition should be free for anyone earning up to $125,000 who attends public two- and four-year institutions and universities. He says he'll pay for it by repealing the Coronavirus Aid, Relief, and Economic Security (CARES) Act's high-income "excess business losses" tax cut". That tax cut impacts the wealthiest Americans disproportionately and is unnecessary in view of COVID-19's ongoing economic support measures," he said. he said. He also has several other federal student debt proposals, including canceling a minimum of $10,000 in student debt per person immediately, forgiving the remainder of loans after 20 years with no tax burden, suspending monthly payments and interest for those earning less than $25,000 per year and capping payments at 5% of discretionary income for the rest, and a new federal loan for those earning less than $25,000 per year.