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Biden maintains a long list of actions that he hopes to take if given the opportunity to change his predecessor’s policies. He originally said that “the age of demonization in America” will end in his hands. In an interview with The New York Times, Democratic Senate Leader Chuck Schumer says, “If we don’t make a bold change, we could end up with someone worse than Trump after four years.” The changes in the past two decades, he admits, were not “big enough or bold enough.” How would Biden get back to “the right thing” if his administration were faced with two health and economic crises, a crisis of ethnic justice, a climate crisis, and a crisis of representative democracy? In one scenario, January arrives and the Democrats win the Senate by-elections, leaving the next president in front of a divided assembly (50-50). Therefore, the scope of your political reforms will remain limited, unless you seek to remove the obstruction that requires 60 votes in this parliament to enact important laws.
The most pressing problem facing the next administration is managing the epidemic crisis. But the conversation about competence and trust in science stops here. Containing the virus and distributing free vaccines, in parallel with the recovery of the economy, which will slow down in winter, requires billions of dollars in investment. For tens of millions of Americans, the economic shocks of the epidemic have added to decades of stagnation and instability. Since 1989, the wealth of 50% of the average American has decreased by $ 900 billion. Before the pandemic, 44% of American workers were paid a median annual wage of $ 18,000. And even if high unemployment rates were reversed, they would hardly fix the increasingly stratified labor market.
Crown
Biden’s first approach is to address the epidemic crisis, as he developed a plan to prepare a national strategy to “move on” in the fight against the virus, by passing a Presidential Act in Congress to fund a national testing campaign. “whose results will be available immediately” and to manufacture medical products and equipment in the United States. , By making the use of masks mandatory in federal buildings and on interstate transportation (a change that health experts say could save thousands of lives, but their legal authority to apply it is unclear), and by providing a free vaccine “for all “in the future. He also announced the creation of a Corona Crisis Cell, which will include scientists and experts, and will have the task of developing a “plan that will take effect from January 20, 2021”, the day of its inauguration.
Economy
Another priority for Biden, who has his ability to persuade elected Republicans to break the current impasse in Congress, is voting on a massive aid package to jumpstart the economy. Biden presented an ambitious $ 700 billion plan to jumpstart US production after the epidemic crisis. To finance it, he would raise taxes on the richest Americans and large corporations, most notably by doubling taxes on foreign earnings.
The new president has vowed to cancel many of Trump’s tax cuts for businesses and the wealthy once he takes office, even though the changes need congressional approval. A key aspect of Biden’s plan to recover from the recession caused by the epidemic is to require government agencies to purchase goods and services made in the United States to help boost the local manufacturing sector. In addition, their plans include a $ 15 minimum wage, increased union support, and increased protection for temporary workers.
The median wealth for white families was $ 171,000, compared to the median wealth of $ 17,600 for black families.
Taxes
Biden’s tax plan aims to raise taxes on high-income people and restore policies that were in place before the Trump administration, and include:
Raise taxes on Americans earning more than $ 400,000, keeping tax rates at current levels for anyone earning less than this amount.
– Return the highest personal tax rate from 37% to 39.6%. The highest tax bracket applies to people earning more than $ 518,400 and spouses earning more than $ 622,000.
Increase the long-term capital gains tax rate (which applies to proceeds from the sale of assets) from 23.8% to 39.6% for people with incomes greater than $ 1 million.
Increase the corporate tax rate from 21% to 28%.
Impose sanctions on tax havens.
Increase tax rates on foreign earnings.
Civil rights
During the first 100 days, Biden pledged to work on passing the “Equality Act,” a bill that would add comprehensive new protections to combat discrimination on the basis of sex or gender. He is also expected to issue an executive order to support diversity and inclusion in the federal government.
The president-elect issued plans aimed at investing in the “economic mobility” of communities of color, which would include:
Allocate $ 100 billion in low-interest loans to fund government, local, tribal, and nonprofit loan programs in communities of color.
Spend more than $ 50 billion in seed capital to help entrepreneurs of color in economically disadvantaged regions.
Investing more than $ 70 billion in black colleges and universities and foundations serving minorities.
In 2016, the median wealth for white families was $ 171,000, compared to the median wealth of $ 17,600 for black families, according to the Federal Reserve. According to the Urban Institute, there is a 30 percentage point gap between black and white home ownership. These figures reflect the trend of most of the nation’s wealth toward a relatively small number of wealthy people, most of whom are white.
Immigration reform
Biden promised to repeal the immigration decree issued by Trump, which bars the entry of citizens of several countries, most of them Muslims. He also announced that he would ask Congress to pass a law against racist crimes. He vowed to address the detention procedures for asylum seekers and the “scandal” of separating the families of illegal immigrants at the US-Mexico border. Biden also wants Congress to quickly pass a law that “establishes a roadmap to citizenship” for 11 million illegal immigrants living in the United States and for nearly 700,000 young people who came to the United States illegally as children and are called “dreamers”.
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