Six trillion dollars and counting . . . that’s the price tag that President Biden says Americans need to pay for his triple play of COVID-19 relief, infrastructure and social spending.
During his first speech to Congress, Biden promoted his latest, massive tax-and-spend proposal, dubbed the “American Families Plan,” which he called “a once-in-a-generation investment in our families — in our children.”
The $1.8 trillion package would include more than $500 billion for education, $225 billion each for child care and paid time off for workers, as well as $45 billion more for food stamps and school meals for needy kids.
Biden said his proposed social spending would be paid for with tax hikes on top incomes and on wealthy investors, and he repeated his promise not to raise taxes on Americans who earn less than $400,000 a year.
Biden noted, “20 million Americans lost their jobs in the pandemic” while “the roughly 650 billionaires in America saw their net worth increase by more than $1 trillion.”
“They are now worth more than $4 trillion. My fellow Americans, trickle-down economics has never worked,” he said.
“It’s time to grow the economy from the bottom up and middle out.”
President Joe Biden’s spending proposal includes higher taxes on the nation’s top earners.
But Biden made no mention of repealing the $10,000 cap on federal deductions for state and local taxes — known as SALT — that Gov. Cuomo has said is needed to offset the tax hikes in the state’s recently adopted $212 billion budget.