President Joe Biden will detail a large spending package centered on child care, paid family leave and other domestic priorities ahead of his scheduled address to a joint session of Congress on April 28.
The American Families Plan is expected to call for roughly $1 trillion in new spending and $500 billion in new tax credits as the second part of the administration’s “Build Back Better” agenda. The first part, Biden’s $2.3 trillion infrastructure and jobs package, was outlined by the president last month and is taking shape in Congress.
The details of the American Families Plan are still being fine-tuned but the package is expected to be largely paid for with new tax increases on the wealthiest Americans. Biden has said he would not raise taxes on households earning less than $400,000 per year, a pledge he made during the presidential campaign.
“President Biden has already put forward the first part of his historic plan to invest in the strength of America’s economy and families, and he’ll be outlining the second element of that proposal in the coming days,” White House spokesman Michael Gwin told The Washington Post. “The details of that package are still being finalized so speculation as to its final contents is premature at this point.”
The package will reportedly include an extension of the expanded child tax credit through 2025. The expanded child tax credit, which offers families $3,600 per young child and $3,000 per older child, was first approved in the $1.9 trillion COVID relief law enacted earlier this year and is set to expire at the end of this year.