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Biden s American Jobs Plan and American Families Plan: What s in them and where the funding will come from
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Biden calls for raising taxes on capital gains and wealthy
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The American Families Plan Has a High Price Tag — Here s Everything Included in the Cost
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The White House has released several tax proposals, culminating with remarks by President Biden in a Congressional address. These proposals include the American Families Plan, for which the White House released a fact sheet (find link here) on April 28, 2021, and the Made in America Tax Plan, for which the White House released a fact sheet (find link here) on March 31, 2021, followed by a U.S. Treasury report (find link here) released on April 7, 2021. Congress has not yet acted on these proposals.
Highlights of the American Families Plan:
The individual U.S. federal income tax rate for taxpayers in the top tax bracket would be increased from 37 percent to 39.6 percent.
The White House
President Biden knows a strong middle-class is the backbone of America and that rural and tribal communities are essential to the economic growth of our country. Rural communities require targeted investments that meet the needs of their children and families, along with workforce development for those providing childcare and education. The American Families Plan represents a generation-defining investment in rural America, and a commitment to grow the middle-class and expand the benefits of economic growth to all Americans. All told, by extending and building upon the provisions of the American Rescue Plan, the American Families Plan would cut the rural poverty rate by more than 21 percent and the rural child poverty rate by 50 percent, relative to the projected poverty rate for 2022.