Biden Administration to Unveil Second Stage of Economic Stimulus Plan
The Biden administration will unveil at least $1 trillion in the second phase of its economic stimulus plan in the coming days, according to CNBC on Tuesday (April 20), citing people familiar with the matter.
The Biden administration earlier announced a $2.3 trillion infrastructure plan, known as the “American Jobs Plan” (American Jobs Plan), mainly for renovating roads, bridges, airports and utilities; and the upcoming “American Families Plan “(American Families Plan), the content mainly involves the preferential measures related to the American family.
Sources pointed out that Biden’s American Families Plan has not been finalized, the expected amount is slightly more than $1 trillion, of which $500 billion involves tax incentives, including extending the tax incentives for each child $3600 per year until 2025, preschool tax benefits, and paid holidays.
Of course, “the wool comes from the sheep’s back”, the plan also includes taxation of the rich, for example, the income tax is reset to 39.6% of the highest level, the investment capital appreciation income as normal income taxation, etc.; White House spokesman Michael Gwin pointed out in a statement, Biden will be announced in a few days the second phase of the economic White House spokesman Michael Gwin said in a statement that Biden would announce the details of the second phase of the economic stimulus plan within days.
For the first phase of the previously announced infrastructure plan, the Republican Party unanimously opposed Biden to raise the corporate tax rate to 28%; for the second phase of the family plan, it is expected that many Republican lawmakers may also resist to raise taxes on individuals; some Democratic lawmakers proposed to cooperate with the Republican Party to pass the infrastructure plan, while for the child tax credit, paid holidays and other family programs, they prefer not to consult with the Republican Party, through the federal budget reconciliation approach to solve the problem themselves. Through the federal budget regulation way to solve by themselves.
The outside world is worried that, no matter how the Fed covers up, the inflation problem caused by the indiscriminate issuance of the dollar is getting more and more serious; in the past decade or so, the U.S. government’s fiscal spending is mainly based on the growth of debt, that is, on the constant expansion of the circulation border of the over-issued dollar; when the circulation border of the dollar can not be expanded or even compressed, the dollar will flow back, and when the over-issued dollar loses the corresponding goods and services, it is bound to accelerate When the over-issued dollar loses the corresponding goods and services, it will be devalued, leading to accelerated inflation, difficulty in issuing debt, further expansion of the fiscal deficit, and further deterioration of the fiscal problem, the fiscal payment capacity of the U.S. government will be seriously reduced, which means fiscal crisis and dollar crisis.
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