The president will outline his proposed American Families Plan during his speech, according to the White House, an additional $1.8 trillion for free community college, free child care, paid leave, more food stamps, and free universal pre-school.
The proposed plan would spend an additional trillion while also doling out $800 billion in tax cuts.
The plan will also expand the child tax credit through 2025 and the Obamacare health insurance tax credit. The earned income tax credit would become permanent.
“The President knows we need to do more to build a stronger economy that doesn’t leave anyone behind,” a senior administration official told reporters during a conference call Tuesday. “The American Jobs Plan and the Families Plan are once-in-a-generation investments in our nation’s future.”
That marks $6 trillion in proposed spending for Biden in his first 100 days as president — $1.8 trillion for the American Families Plan, $2.3 trillion for his American Jobs Plan on top of the $1.9 trillion coronavirus rescue package passed by a partisan majority of Democrats in March.
Biden plans to pay for some of his proposed spending with dramatic tax hikes on capital gains and raising corporate tax rates.
“The President will be proposing a set of measures to make sure the wealthiest Americans pay the taxes that they owe, while also ensuring that no one making less than $400,000 per year will see their taxes go up,” the White House official said to reporters.
White House press secretary Jen Psaki said Wednesday that Biden would also outline his priorities on police reform, immigration reform, and gun control during his address to Congress.
The president’s speech will wrap up the first 100 days of the most expensive and radically left administration in American history.