President Joe Biden has long believed that we need to grow the economy and invest in the future of America. To that end, the President has proposed a $1 billion plan for the economy that seeks to improve healthcare, invest in education, and reform the tax code. In his budget, President Biden has proposed a range of initiatives that will increase federal spending and help to stimulate the economy.
The Budget also provides an increase of $1 billion for the Advanced Research Projects Agency-Energy (ARPA-E) program, which funds research and development of cutting-edge energy technologies. This will help to create jobs in the energy sector and also to reduce emissions. In addition, the Budget proposes an increase of $1 billion for the National Institutes of Health, which will help to fund research into new treatments and cures for diseases like cancer and Alzheimer’s.
President Biden has also proposed a number of tax reforms that will help to reduce inequality and improve the economic outlook. One of former President Donald Trump's biggest victories was his 2017 tax reform, which slashed the corporate tax rate to 21%. President Biden has proposed a repeal of this tax cut, which would only apply to investors earning at least $1 million per year. The President also wants to increase the top marginal tax rate from 37% to 39.6%, and increase the capital gains tax rate from 20% to 39.6%. These changes will help to reduce inequality and ensure that wealthy individuals pay their fair share of taxes.
In addition to his tax proposals, President Biden has also proposed an increase in healthcare spending. This includes a $1 billion investment in the Affordable Care Act (ACA), which will help to fund Medicaid expansion, reduce premiums, and help to bring down out-of-pocket costs. “In the decade after the ACA, Medicare actually spent about $1 trillion less than was projected,” said President Biden. This investment will help to make healthcare more affordable and accessible.
President Biden has also proposed an increase in funding for education. This includes an additional $1 billion for K-12 education and an additional $1 billion for higher education. House Bill 11 would allow for even more. This Bill would increase the amount of money available for public education, and it was supported by both Democrats and Republicans. “This bill is a victory for public education,” said Scott DiMauro, President of the Ohio Education Association.
President Biden has also proposed an increase in funding for Historically Black Colleges and Universities (HBCUs). U.S. Senate Majority Leader Charles Schumer and Legendary Educator, HBCU President Dr. Johnnetta Betsch Cole and Delta Air Lines have been awarded a $1 billion grant to fund HBCUs. This money will help to increase enrollment and provide more funds for research.
Finally, President Biden has proposed a $1.2 trillion infrastructure package. This package will help to fund roads, bridges, and other infrastructure projects around the country. And, by the way, we're investing one- — and it's bipartisan — $1 trillion 200 billion over 10 years. Remember last guy around, we talked about “infrastructure week”? This is it. This money will create jobs, improve the economy, and help to reduce emissions.
President Biden has also proposed a $1 billion investment in hospitals and health care providers. The president of the Alabama Hospital Association, Dr. Don Williamson, says it's not enough, as hospitals are more than $1 billion in the red due to the pandemic. President Biden sought to assure the nation Monday that “the money is coming.” Large lenders like Wells Fargo, Capital One and Bank of America also traded higher on the news.
The Budget provides over $1 billion to fund Tribal efforts to expand access to quality health care and improve economic opportunities. This money will help to improve the health and well-being of Tribal communities. The bipartisan funding bill the President signed in December 2022 will provide an additional $1 billion to fund Tribal health care and other programs.
President Biden's $1 billion plan for the economy is a bold and ambitious plan that seeks to improve healthcare, invest in education, and reform the tax code. This plan will help to create jobs, reduce inequality, and improve the economic outlook of the nation.
