Biden is expected to detail his plan in a speech Tuesday afternoon in New Castle, Delaware. This is the third installment of the “build back better” economic platform that the former vice president is rolling out ahead of next month’s Democratic National Convention.
Biden’s plans – which included manufacturing and clean energy, and are also expected to include a future speech on how he would deal with racial injustice in the economy – were offered as economic stimulus packages that would restore the jobs lost during the coronavirus pandemic and add millions more to those losses.
Biden’s campaign said the plan would cost $ 775 billion over 10 years. Biden would pay for this by repealing tax breaks for real estate investors who earn more than $ 400,000 and, according to a campaign document, “taking steps to increase tax compliance for high earners.”
Biden’s campaign also said it would fund the hiring of 150,000 community health workers.
The plan also includes items to help unpaid caregivers who care for family members, offering them a $ 5,000 tax credit and Social Security credits.
Biden’s plan also covers early childhood education. It offers tax credits of $ 8,000 for families with one child and credits of $ 16,000 for those with two or more children, which represents up to $ 125,000 per year. Those who earn too much to qualify for the full credit, but less than $ 400,000 per year, would receive partial credits.
Biden’s plan also includes an alternative to tax credits. Families earning up to 1.5 times their state’s median income could instead see their child care subsidized so they don’t pay more than 7% of their income.
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The plan also provides that all 3 and 4 year olds have access to free preschool. And he promises to expand access to after-school, weekend and summer care for families with children.
In an effort to make child care services more widely available, Biden’s plan would provide businesses with credit worth half of the first million dollars in construction costs to add a day care center to their existing facilities.
Without providing details, the plan also calls for an increase in the remuneration of early childhood educators and caregivers. The plan points to its proposed “public option” – a government-run health insurance program – allowing those who sign up to receive 12 weeks of paid family leave and seven days of paid sick leave.
In a document detailing the plan, Biden’s campaign also called on President Donald Trump and Congress to take urgent action to keep child care centers that have had to shut down amid the pandemic open for the long term.
“President Trump has failed to respond effectively to the healthcare crisis for months, while exacerbating it by letting the virus continue to spread,” the document said.