On Wednesday, President Joe Biden plans to propose his $1.8 trillion family plan to Congress, according to CNBC.
The plan is aimed towards new spending, tax credits, children, students, and families. Biden is releasing this plan not long after he proposed a $2 trillion infrastructure plan. The administration hopes that this spending will create new jobs and revive the US economy.
The new proposal includes $1 trillion in investments and $800 billion in tax credits over the next 10 years. The costs will be fully offset in 15 years by raising taxes on the rich, according to the Biden administration.
Here are the details of the new plan:
- $225 billion for child care
- $225 billion for a medical leave program
- $200 billion for free universal preschool
- $109 billion for free community college for all students
- $85 billion for Pell Grants
- $62 billion to increase college retention and completion rates
- $39 billion for subsidized tuition for families earning less than $125,000
- $45 billion for meeting child nutritional needs
- $200 billion to lower health insurance premiums
“These are investments that we can’t afford not to make as a country,” a senior administration official said Tuesday night in a conference call with reporters.