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What’s in Biden’s $1.75 trillion Social Plan, How It’s Funded, and What’s Left Out

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The president of the United States relinquishes some of his campaign promises, such as free education or paid leave.

Joe Biden unveiled a revised version of the US Social Spending Plan on Thursday, with the goal of bringing the US closer to the welfare state model used in other advanced countries. The 1.75 trillion dollar package includes more than half a trillion dollars for climate change mitigation, free childcare, and expanded health coverage, among other things. However, in order not to frighten the moderates, he will be less ambitious than Biden intended and will relinquish several of his campaign and first months in office commitments, such as free college or paid sick leave, so what was announced will taste like nothing to the Democratic Party’s left-wing.

In terms of revenue, the proposal aims to raise additional dollars through a series of tax measures directed mostly at the wealthiest individuals and large enterprises.

What includes

Climate change: Biden, who has reversed Trump’s policy and decided to return the US to the Paris Agreement, plans to allocate $ 555 billion to fight climate change, mainly through tax incentives for low-emission energy sources. of CO2.

Daycare centers: It establishes guaranteed preschool education for all children under 3 and 4 years of age.

Health: It reduces costs for families with up to $ 300,000 in annual income, as well as premiums for those insured through ‘Obamacare’. It also includes coverage for hearing problems in the Medicare program. Biden hopes to provide insurance to four million Americans who currently lack health coverage.

Family helps: It extends, with 200,000 million, the tax advantages to parents throughout 2022.

Dependence: The plan includes 150,000 million to reduce waiting lists for home care for the elderly and disabled, as well as to improve the salary of caregivers.

Living place: Another 150,000 million is directed to build, rehabilitate or improve one million affordable homes.

Immigration: The package also includes 100,000 million to expedite the nine million pending visas.

How it is financed

Minimum rate to large companies: Biden is in favor of setting a minimum tax of 15% on the profits of large corporations (those with more than a billion profits).

Siege of multinationals: The plan intends that the profits of US companies abroad do not escape the treasury, with a minimum 15% to the profits obtained outside the country and sanctions to those that have their headquarters in tax havens.

Tax on large fortunes: An additional 5% is set for income that exceeds ten million dollars and another 3% for those of more than 25 million.

Collection efficiency: Another way to obtain tax revenue is to strengthen the Treasury’s services so that large companies and the rich pay their fair share.

Tax on the repurchase of shares. It seeks to impose 1% on the repurchase of shares by companies.

What is not included

Paid sick leave: What is usual for workers from European countries is left out, medical and family leave paid for by the Government, and that in the US does not exist.

Free university: The plan also does not include free college studies, which Biden promised in late April in his first major speech at a joint session of Congress.

Vision and dental coverage: Although Biden plans to extend Medicare to hearing problems, not to the assistance of ophthalmologists and dentists.

Cheaper of medicines: The spending program also leaves out a proposal to allow the government to negotiate the prices of prescription drugs to make them more affordable.

Generalized tax increase for companies and people with high incomes: The increase in corporate tax or the maximum rate of income tax does not appear in the plan (only increases to those with more than 10 million income). Likewise, taxing the unrealized earnings of billionaires is excluded.

Image Credit: Getty

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