The economic agenda of incoming United States President Joe Biden is gaining clearer contours. The basis is to be direct financial support to households, tens of billions for vaccination and testing for coronavirus, and last but not least, $350 billion for individual states.
The total bill for the economic package is expected to reach $1.9 trillion, or nearly 10 percent of America’s gross domestic product. In it, Joe Biden plans to increase direct payments to households from the current $600 to $2,000 a month.
More money is to go to a direct fight with the coronavirus pandemic. Specifically, $20 billion for the national vaccination program and $50 billion for testing for coronavirus. Joe Biden also wants to free up $350 billion for individual states and local governments to fund various programs to help rebuild the Us economy after the coronavirus pandemic crisis.
But the incoming White House chief has also previously talked about a plan to raise taxes on corporations from the current 21 percent to 28 percent. Americans with the highest earnings are also expected to pay a higher percentage of their earnings in the future, with the top rate likely to stop at just under 40 percent.
