President Joe Biden on Wednesday will pitch Congress on $1.8 trillion in new spending and tax credits aimed toward children, students and families, senior administration officials said.
Biden will unveil the massive new package less than a month after the White House issued a sweeping proposal to spend more than $2 trillion over eight years on infrastructure and other projects. Together, the plans comprise the Biden administration’s vision to overhaul the U.S. economy as the nation seeks to recover from, and look beyond, the coronavirus pandemic.
The new proposal, which includes about $1 trillion in investments and $800 billion in tax credits over a decade, will be fully offset in 15 years in part by raising the amount of taxes paid by the richest Americans, the White House said.
News Source: cnbc