President Joe Biden announced Wednesday that he would propose a new shopping and credit fund to Congress that costs $ 1.8 trillion to distribute to children, students and families.
Biden will launch new packages amounting to after the White House put out comprehensive reserves to spend more than $ 2 trillion over eight years on infrastructure and other projects. The slowdown provided by the Biden administration was motivated to overhaul the U.S. economy. and promote economic recovery.
The new reserves, which include about $ 1 trillion in investment and $ 800 billion in excise credits in a decade, will be fully offset in 15 years partly by increasing the amount of tax paid by high-income Americans, the White House said.
The Biden administration's new shopping plan will raise the excise tax rate to 39.6% for high-income Americans. The tax rate is deducted to 37% for married couples who earn more than $ 600,000 as part of the 2017 law.
However, during the recent slowdown, people earning below $ 400,000 a year will not have an increase in excise tax.
Biden is expected to elaborate more slowly on Thursday morning.
