Thread by @robertwolf32

Yesterday's #PresidentBiden press conference had very few questions on economy, so here is a synopsis on the #BuildBackBetter plan with a focus on #Infrastructure and possible #TaxReform as a way to pay for it

The Biden "Build Back Better” plan focuses on four main national challenges:
1. Infrastructure and Clean Energy
•Biden will make a $1.7 trillion accelerated investment, with a plan to deploy those resources over the first four years.

The plan will create millions of private sector jobs, and rebuild roads, bridges, water systems, battery charging stations, and electricity grids. This pillar also emphasizes access to clean air & water by providing zero-emissions public transportation to cities

with over 100,000 residents, and through construction of sustainable homes, offices, and other parts of the built environment.
•How will this impact you? Biden will create millions of new high paying jobs while upgrading infrastructure, and building resilience to floods & fires.

His plan also aims to expand wireless broadband to every American and prevent situations like the Flint, MI water crisis which are caused by divestment from underserved communities.

2. Manufacturing and Innovation
•Biden's plan to revitalize American manufacturing will invest $300 billion in R&D breakthrough technology. Biden believes that US manufacturing was the arsenal of democracy during WW2 and needs to become the fabric of US prosperity today.

He also believes that this will help fuel the economic recovery and create a long-run stimulus vs. short-run patch work solutions.
•How will this impact you? Biden will invest in underserved areas -- encouraging manufacturing and pushing for more investment in technology.

He will ensure investment funds reach Americans across all states and regions, including rural communities, with an emphasis on small businesses. In short, he wants underserved areas to have access to entrepreneurship and venture capital funds. He will bring back ‘American Made’.

3. Caregiving, Education and Workforce
•This plan will expand care for older Americans and for those with disabilities, increasing Medicaid spend. It also addresses the opioid epidemic, increases healthcare for veterans, and makes childcare more affordable.

Over $775 billion will be allocated to this pillar, to be spent over 10 years.
•How will this impact you? Under this plan families will get back as much as half of their spending on child care for children under age 13 as a tax credit.

This is redeemable up to a total of $8,000 for one child or $16,000 for two or more children. This will be paid for by rolling back unproductive and unequal tax breaks for real estate investors with incomes over $400,000 and increasing tax compliance for high-income earners.

In short, making childcare and healthcare more affordable.
4. Advance Racial Equity
Biden aims to normalize the numbers on Black and Latino unemployment, which are much higher than those for white males.

He will direct over $50 billion in venture capital funds to Black and brown entrepreneurs and provide access to over $100 billion in low-interest small business loans. Also, he aims to increase access to affordable housing for Black, Latino, and Native families.

So how does Biden pay for this?
The Biden tax plan will create significant revenues to offset much of the new spending by unwinding some of the Trump tax plan that benefitted corporations and wealthy individuals.

On the corporate level:
•Return the corporate tax rate back to 28% (originally 35% under Obama, now 21% under Trump)
•Mandate a 15% minimum tax on book income so that every corporation will pay a minimum of taxes

•Manufacturing: allowing businesses in essential industries to deduct 100% of certain expenses if they bring their manufacturing back to the U.S.
•Implement a minimum tax rate for all foreign earnings of US companies at 21% (which will be twice of the current offshoring rate)

•Provide "Made in America" tax credits to encourage more jobs kept in the US and establish tax credits for companies that bring jobs back from China

On an individual level:
•raise the top income rate to 39.6% form 37%
•not raise taxes for anyone making under $400,000.

• provide tax credits to help middle class working families and guarantee that no family will spend more than 8.5% of their income on health insurance
• give middle to lower class families up to $8,000 to pay for quality child care

•give tax credits of up to $15,000 to purchase first homes
• provide equal tax benefits for retirement plans, regardless of income level
• increase those making more than $1 million to pay the same rate on investment income (capital gains) that they do on their wages.