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President-elect of the United StatesBidenThe economic strategy will show a “left turn” trend, which is in line with the current presidentTriumphGo in the opposite direction.
To get rid of the economic downturn and support the recovery, Biden will first take immediate action, including increasing unemployment benefits, and the next Secretary of the Treasury will determine the priority.
One of Biden’s important political visions is fiscal policy. He promised to increase the tax burden on high-income businesses and families to reduce the gap between rich and poor. He also invested in a US $ 3.9 trillion public investment plan during his first term.
Increase the minimum tax burden of companies
First, the maximum marginal corporate tax rate will be raised from 21% to 28% and the minimum corporate tax burden will be increased, while at the same time tax penalties will be imposed on subcontracted US companies.
For the personal income tax, the highest marginal tax rate will be increased from 37% to 39.6% and an additional 12% will be imposed on families with an annual salary greater than US $ 400,000 (1.8% ) Item 4: Social Security Payroll Tax For families with annual capital gains over $ 1 million, the capital gains tax rate will also be increased, limiting deductions.
Biden will also introduce supplemental tax cuts that target families with an annual income of less than $ 400,000, including more allowances for raising young children and school children. Biden will also abolish the $ 10,000 cap on state and local tax deductions, which is beneficial to the wealthy. At the same time, it will provide subsidies to first-time home buyers and families with people in need of care.
Commitment to strengthen manufacturing
In the industrial sector, Biden promised to strengthen the manufacturing industry, including raising $ 700 billion in government acquisitions and investment in R&D, supporting American industry and reversing the trend of labor migration, and empowering Americans to take advantage of new job opportunities in the 21st century. It will also spend $ 775 billion to increase government subsidies for education and care units, and expand health insurance coverage to help the elderly, patients and young children.
Biden also promised to raise the federal minimum wage to $ 15 an hour, and taking stronger union action will also tighten legal restrictions on businesses, especially in the financial and energy industries.
Biden set a goal of raising taxes by $ 3-4 trillion over ten years to support ongoing spending on education and climate change. But unless the Democratic Party also wins a majority in the House of Representatives, its political views will not be implemented.
Zero carbon emissions by 2050
Another key point of Biden’s political views is to combine the development of a green energy economy with the expansion of infrastructure. During the first term, it will increase spending on infrastructure, clean energy and transportation by $ 2 trillion. He has already declared that he has rejoined the Paris climate agreement and once again promised to limit carbon emissions. The goal is for the United States to “decarbonise” the US energy industry by 2035 and achieve zero carbon emissions by 5050.
Biden promised to invest US $ 1.7 trillion in green energy during the first term, focusing on the electrification of the transportation system, the extensive establishment of vehicle charging stations, the improvement of the electricity grid and the construction of storage equipment. of large-scale batteries. While promoting green energy, it also creates data Millions of jobs.
It also promised to install tens of thousands of wind power turbines by 2030, double the capacity of offshore wind, install a large number of solar panels, and invest in “carbon capture and storage” (CCS) research and development. , which will be developed by the federal government. Invest and expand tax incentives, hoping to lead the green technology competition between the world and China.
Will not lower trade barriers
In terms of trade policy, Biden also advocates “America first.” Expanding US exports will not lower trade barriers, but it will prioritize domestic issues and address international issues like trade later on. It will impose a penalty tax on the production of companies abroad and grant a 10% tax credit to companies returning to the United States.
However, Biden rarely talks about the economic conflict between the United States and China, and retains maximum political flexibility after winning the election. Currently, both parties in Congress agree to take tougher action against China in terms of technology, human rights and trade. Therefore, Biden will not soften his position at least in the first days of his term and will not significantly change the tariff measures in the short term.
