On April 28th, President Biden announced a proposal for a $1.8 Trillion American Families Plan aimed at reshaping the economy and helping millions of Americans gain work skills and flexibility.
If approved, the plan includes:
- free preschool education
- free community college to citizens across the country
- direct financial support to families for child care
- a national paid family and medical leave program
- extension on the child tax credit (through 2025)
- permanent expansion of the earned income tax credit for childless workers
- financed teacher training
If the American Family Plan is approved, low-income families who have been paying up to 30% of their income on child care would only pay 7% (or less) of their income.
The plan would also boost the wages of child care workers to $15 an hour.
Officials have stated that free community college would apply to all students, regardless of income.
House officials have expressed frustration that the American Families Plan does not currently include a plan to lower health-care costs or expand health insurance coverage.
There is also continued discussion around the funding of this plan which would be partly financed by higher taxes on the wealthiest Americans—increasing income tax rates from 37% to 39.6%.
This announcement comes on the eve of Biden’s 100th day in office. During a conference prior to the announcement a senior administrator stated, “these are investments that we can’t afford not to make as a country”.
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