- Joe Biden is the Democratic nominee for president, and he has proposed $ 4 trillion in new tax increases to fund a collection of federal programs to pull the US out of recession.
- Among the measures are a possible round of incentive checks, state support, $ 8,000 tax credit for parents with young children, and coverage of health insurance costs for newly unemployed people.
- He also supports the promotion of unemployment benefits, although his platform does not provide any amount.
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Joe Biden accepted the Democratic presidential nomination Thursday night. He said he could deliver fierce political divisions if elected and set an ambitious agenda in motion to address a collection of historic challenges facing America.
The U.S. has been besieged by several crises, Biden said. The former vice president called the coronavirus pandemic and the economic crisis that emerged from it, along with climate change and a racial justice movement – a combination he called “a perfect storm.”
In his speech, Biden dismissed President Donald Trump’s record as disastrous (without even mentioning him). He claimed he could provide an antidote to the Trump presidency by stepping up the response to public health and calibrating the economic scales of power away from the rich and to the middle class. He said:
“Nearly one in six small businesses is closed this year. And this president, once re-elected, you know what will happen. Fakes and deaths will remain far too high. More mother-and-pop companies will close their doors, “And this time for good. Working families will struggle to prevent it. And yet the richest one percent will receive tens of billions of dollars in new taxes.”
To that end, Biden has proposed nearly $ 4 trillion in new tax increases over the next decade, according to an analysis by the nonpartisan Tax Policy Center. Most of the new taxes would fall squarely on the top 1% of households, and some income would come from a partial revocation of the 2017 GOP tax cuts.
“There is a clear and concerted effort to address racial inequality on a scale we have not seen in generations,” Indivar Dutta-Gupta, co-executive director of the Georgetown Center for Poverty and Unequality, said recently. Business Business. “There is a clear willingness to increase substantial incomes of the highest-income households in a way we have not seen for decades.”
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Biden’s pandemic platform
Biden would increase funding for coronavirus testing and detection to slow the rate of infections and eventually eradicate the virus. Most economists say the U.S. economy cannot recover until the spread of the pathogen is under control with a vaccine.
But with unemployment likely to be close to 10% next year, Biden has set up a roadmap to embark on an economic recovery. Among these important measures:
- Another possible round of stimulus controls.
- Increasing unemployment benefits and strengthening existing systems.
- Implementation of paid sick leave for workers.
- Create an annual tax credit of $ 8,000 for parents of young children.
- Coverage of health insurance costs for new unemployed.
It also includes federal aid to states. Local and state governments can pull out of a pool of funding to implement rental delivery programs or help small businesses with severe financial penalties due to the pandemic.
Congress approved a $ 1,200 one-time incentive check for the majority of U.S. taxpayers earlier this year. Republicans and Democrats in Congress support a second round of negotiations for another stimulus package, but those talks have been halted. The Biden plan did not specify an amount.
Other pillars of Biden’s economic plan include a $ 700 billion initiative to expand U.S. manufacturing and research programs to stimulate innovation at home. It is part of a broader campaign plan called “Building Build Better”, which also includes initiatives for racial inequality.
“When Vice President Biden rebuilds better, he intends to build an economy that is more cautious about the kinds of shocks that are rapidly and sharply felt in today’s global economy,” said Jared Bernstein, an outside Biden economic adviser. on PBS Newshour.
Much of Biden’s agenda depends on Democrats taking back control of the Senate, which Republicans have controlled since 2014. With the filibuster in place, the size of a Democratic majority could decide whether Biden will be polluted by a GOP that is unlikely to support many of his proposals.
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