On April 28, local time, according to local media reports in the United States, US President Biden is expected to present his "American Family Plan" with a total amount of 1.8 trillion US dollars for children, students and families at a joint session of Congress on the evening of the 28th. Its main contents include:
$225 billion will be spent on high-quality child care services, and part of the child care expenses will be guaranteed in a step-by-step manner according to family income.
$225 billion is used to establish a comprehensive plan for paid childcare and sick leave nationwide.
200 billion dollars will be used to provide free kindergarten education for all children aged 3 to 4 in cooperation with the states.
$109 billion is used to ensure that all students can participate in community colleges for free, with a time span of two years.
About $85 billion is provided to Pell Grants, and up to about $1,400 is provided to low-income students.
62 billion dollars is used to improve the retention rate and completion rate of universities.
$39 billion provides two-year tuition assistance for students whose family income is less than $125,000. Students should attend four-year African-American colleges or universities, tribal colleges or universities and teaching institutions serving ethnic minorities.
45 billion dollars will be used to meet children’s nutritional needs, including expanding the scope of summer meal plans.
$200 billion will be used to permanently implement the medical insurance expenses covering some low-income people included in the $1.9 trillion COVID-19 epidemic stimulus bill.
Extend the child tax credit program to 2025 and refund it in full and permanently.
Expand and make permanent the tax credit for children and their families.
Make the income tax credit for childless workers permanent.
The White House said that the $1.8 trillion needed for the proposal in the next 10 years will be offset by the national fiscal revenue in 15 years, and part of the amount will be credited by raising the tax rate of the richest people in the United States to obtain additional taxes. In order to fund the proposal, Biden plans to raise the personal income tax rate with annual income exceeding 600,000 from 37% to 39.6%; At the same time, the capital gains tax for families earning more than $1 million a year will also be raised to 39.6%. (CCTV reporter Xu Wei)