As President Biden approaches his 100th day in office, he will release his third major economic package on the 28th – the $1.8 trillion American Family Plan, which will expand spending on childcare and other services, reduce income inequality, and also raise taxes sharply on the wealthy, triggering a strong backlash from the Republican Party and the corporate lobby, and also The second 100 days of Biden’s term will face a major test: a fierce political tug-of-war internally and a geopolitical challenge externally.
The media described him as “doing more and saying less” in the past 100 days, almost cashing campaign checks in controlling the epidemic, and successively launching a new $1.9 trillion bailout package and a $2.3 trillion infrastructure package. Investors also affirmed, U.S. stocks rose more than 24% in the past 100 days.
Biden will be the day before the 100th day in office, in a joint session of Congress on the 28th speech, about 1.8 trillion dollars of the “American family plan”, officials are still finalizing the final details of the plan, but is expected to include measures such as funding for child care, national preschool and tuition-free community college.
The Wall Street Journal reports that the new plan is expected to include funding to support the Affordable Care Act, but is not expected to include measures to lower the price of prescription paper drugs.
Biden’s plan will be funded mainly by tax increases for the wealthy, including a capital gains tax increase for those earning more than a million dollars a year, from 20 percent to 39.6 percent. The New York Times reports that Biden will also seek $80 billion in funding to strengthen the IRS’s ability to check the taxes of people with high incomes.
The economic package is expected to meet with moderate Republican and Democratic lawmakers. Republicans have always opposed tax increases, advocating that this will curb economic activity, and Democratic moderates also want to curb tax increases, from New York, New Jersey and other states with higher tax rates of members of Congress may also oppose. Biden has planned to raise the corporate tax rate and now intends to raise the capital gains tax rate for the wealthy, which will also cause a backlash from the business community, which will strengthen the force of lobbying members of Congress.
This also highlights the fact that the next 100 days of Biden’s administration and beyond are about to face more tests. Biden has many campaign promises focused on economic issues such as climate change and tax reform, which are difficult to achieve in the short term.
Biden will also face geopolitical tests on the foreign situation, including China, Russia, Iran, North Korea and Afghanistan and other foreign issues.
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