A new relief check for families affected by Covid-19, a rise in corporate taxes, an increase in the minimum wage, a possible pension reform and more coverage in medical care, are some of the proposals of the president who has just arrived at the White House.
Joe Biden’s signing of a cascade of executive orders on his first day as president of the United States is not gratuitous: The new Democratic leader wants to reverse, one by one, the policies of the Donald Trump era.
The measures, some of them economic, are seen as just the first step in what will be a radical shift in government policy. Extending the moratorium on rents and mortgages and extending the term of payment of student debts are on the list.
After taking the oath of office this afternoon, I got right to work taking action to:
– Control the pandemic
– Provide economic relief
– Tackle climate change
– Advance racial equity
– President Biden (@POTUS) January 20, 2021
However, in the medium term, the project is much more ambitious and includes, in the first place, a large stimulus plan for 1.9 billion dollars that would include a new check for 1,400 dollars to families affected by the Covid pandemic. 19, among other benefits that companies would also enjoy.
Another of his projects is to raise taxes on corporations, in order to obtain more resources to improve social security, such as, for example, expanding the eligibility of the Medicare program and returning to Obamacare. Corporate income would rise to 28% and the tax rate for those with taxable income of more than $ 400,000 a year would also increase.
Joe Biden has also unveiled some ideas for remodeling retirement plans. One of those proposals is to match the tax benefit of contributing to a retirement plan so that higher-income people don’t get more benefits than lower-income workers. In that country, the higher the contribution to the retirement plan, the better it is reflected in the tax deduction.
But all these proposals must pass their respective legislative process, a requirement that might not be difficult to meet, if the Democratic majority in the Legislative is taken into account.
With AP and EFE