Ahead of his joint address to Congress on Wednesday evening, President Biden unveiled the American Families Plan, which proposes $1 trillion in new spending and $800 billion in new tax credits to invest in priorities such as education, child care, and paid family leave. President Biden is proposing to pay for the plan through tax reforms focused on the highest income Americans, including increasing the top tax rate to 39.6 percent and ending capital income tax breaks and other loopholes for the very top. In combination with the corporate tax reform provisions that President Biden unveiled as part of the American Jobs Plan, the White House claims that both infrastructure proposals would be fully paid for over the next 15 years.
