The $ 3.5 trillion plan aims to be an “equal competition” for middle-class families, says Biden – WKRG News 5

Washington(NewsNation Now) — President Joe Biden “Build better” agenda Ready to become the most extensive federal investment since the FDR New Deal or LBJ’s great society. This is a tremendous effort to tax the rich and transfer money to projects and programs that affect the lives of almost every American.

The $ 3.5 trillion deal is still in parliament, but if passed, it will be a benchmark for the Democratic platform.

Biden will continue to assert his vision Thursday afternoon in statements about the economy and the middle class.

NewsNation will stream Biden’s remarks on the above players.

The plan envisions the government setting industrial policies to support US households and tackle climate change, and to combat the gapped income inequality revealed by the COVID-19 crisis.

Republicans call the plan everything from socialism to overkill, and virtually unanimously oppose it.

Democrats are also divided on the plan, with some voicing support and others saying it’s overkill.

Senators Joe Manchin and Kristen Cinema both opposed price tags in excess of $ 3 trillion. Moderates in the house have expressed similar concerns.

If Biden can pass his plan, it will be the central referendum for the 2022 midterm elections on whether voters will accept the vision presented by the White House and the Democrats who rule Congress. ..

After this week’s fierce Democratic private meeting, Senator Elizabeth Warren (Democrat) said, “The Democrats believe there is a once-in-a-generation opportunity for us to move the country for the better. “.

“People talk about how big this package is, it’s big because we’ve been underinvesting for a long time,” she said.

One of the most controversial elements of the plan is the tax provisions.

If passed, the tax rate for households with incomes of $ 400,000 or more will be raised to 39.6%, and for couples it will be raised to $ 450,000.

For businesses, the proposed 26.5% rate is an increase from today’s 21%.

“Demonization of prosperity is unwise,” Nebraska Republican Adrian Smith said during a session at the Tax Commission on Wednesday.

When the Democrats finally succeeded in achieving something so big, an affordable care law, it sacrificed a majority of their homes in the 2010 midterm elections during the first term of then President Barack Obama. I made it. The $ 3.5 trillion plan aims to be an “equal competition” for middle-class families, says Biden – WKRG News 5

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