Joe Biden believes now is the time to harness the energy and ingenuity of the American people to build a new American economy.
How does he propose to do it?
For more information on Joe Biden’s vision for the American economy, check out https://joebiden.com/joes-vision/
He will renew American manufacturing by
- Promoting comprehensive plans to “Buy American, “starting with $400 billion in government purchasing power to buy American products.
- Investing $300 billion in American research and development of new products.
- Proposing a manufacturing tax credit to promote revitalization and modernization of existing or recently closed facilities.
- Devoting $30 billion to the Small Business Opportunity Fund to ensure that the future is “Made in All of America.”
Joe will rebuild and modernize our infrastructure by
- Investing $50 billion over the first year of his Presidency to kickstart the process of rebuilding using American union labor and American-made materials.
- Investing in high-speed rail and electrifying the rail system.
- Increasing Federal funding for water technology research and new technologies to use water resources more efficiently.
- Expanding broadband via 5G to every American.
He will invest in American workers by
- Making two years of community college or other high-quality training programs free to those who apply.
- Investing $50 billion in developing workforce training programs that provide relevant, high-demand industry credentials.
- Making public colleges and universities tuition-free for all families with incomes below $125,000.
- Doubling the maximum value of Pell grants so they cover more of the cost of college.
Joe will support working families by
- Ensuring access to high-quality affordable child care and offering universal preschool to three-and four-year-olds by providing sliding-scale subsidies and up to $8000 in tax credits for lower-income and middle-class families.
- Supporting informal caregivers who care for aging relatives and loved ones through a $5,000 tax credit, Social Security credits, and professional and peer support for caregivers of wounded, injured or ill active duty service members and veterans.
- Expanding access to services and support in local settings through closing the gaps in Medicaid for home-and community-based services.
He will decrease the tax burden on middle and working-class workers by
- Refusing to raise taxes on anyone making less than $400,000. Period.
- Increasing the Child Tax Credit to $3000 per child for children ages 6 to 17 and $3,600 for children under 6.
- Enacting a permanent tax credit of up to $15,000 to help families buy their first homes.
How will Joe pay for his investment in America and American workers?
- Middle-class and working-class Americans have been largely left out of Trump’s tax cuts. 99% of Trump’s $1.5 trillion tax cut went to the top one percent of earners in this country.
- Joe will reverse this by raising the corporate tax rate to 28%, and imposing a tax penalty on corporations that ship jobs overseas.
- He will raise the top individual income tax rate back to the Obama-era 39.6%, and those who make more than $1 million will pay the same rate on investment income.
- He will roll back unproductive and unequal tax breaks for real estate investors with incomes over $400,000.
- He will take steps to increase tax compliance for high-income earners.