Listen to this article now |
President Elect Joe Biden has faced tons of questions regarding his economic plan during his upcoming four years as the President of the United States. From the pandemic emergency funds to who is going to pay more taxes than another, people have pressed the President-Elect on the issues that our economy is currently facing. And he has given us all a clear picture of his plans for a better economy and better future.
One of the many issues Biden is going to face as soon as he is in office will be the pandemic and providing his people with the money and the resources to live stable lives in the U.S. He wants to pass the Hero’s Act which would jumpstart the paycheck protection program. It will give $1,200 to homes that earn up to $75,000 a year, $2,400 to homes that earn up to $150,000 a year, and $500 to each dependent; something that we have yet to see with the past stimulus checks distributed. However, the act would need to be passed through the Senate and it would be a fight to get there.
Another issue that Biden will face is the issue on taxes. Although he isn’t interested in raising the taxes of those that make less than $400,000 a year, he is going to make some changes. The very rich will be taxed and will have to pay social security taxes on the income they earn. His plan would increase the top income tax rate back to a pre-Trump 39.6% and the corporate tax rate would rise from a 21% to a 28%.
The final economic issue that Biden will face is the student loan relief plan he is wanting to implement. He wants to give students who are in loan debt a relief of $10,000 – $50,000. This is because he sees how much the younger generation is struggling with trying to not go homeless and also paying off their debts. His student loan relief plan would not only help thousands of people who were forced to be in debt, but would give people the opportunity to make payments like rent or mortgage without worrying.
What are your thoughts on Biden’s bold plans for the economy in the future? Let us know down in the comments.
This article originally published on GREY Journal.
