On January 14, 2021, Biden introduced a $3.5 trillion economic plan, but the amount of money was cut in half making it a $1.75 trillion plan. The focus of the plan is climate change, healthcare, lowering costs for the middle class, tax reforms, and for children and caregiving. Fighting Climate Change- Biden has 5 main goals which are to spend $320 billion on clean energy plus a 10-year expansion on tax credit for utility- scale and for residential clean energy. Including a $110 billion investment for clean energy technology, manufacturing, and on supply chains. Finally, $20 billion to provide extra money for the government for future purchases of next generation technologies including clean construction materials. According to CNN “Biden’s Paris Agreement goal: A 50-52% reduction in greenhouse gas emissions below 2005 levels by the end of the decade.” Biden wants to be able to expand the access to health care. Biden has three major goals and the first one is to lower premiums for about 9 million Americans who get their insurance through the Affordable Care Act. The second goal is to close the gap of being able to qualify for Medicare and to be able to deliver health coverage through the Arrobale Act premium tax credits to precise uninsured Americans. The final goal is to expand Medicare coverage to be able to include hearing service providers. Lowering the cost for the middle class- Biden plans to do this is through four main goals, the first goal is $150 billion to expand access to affording housing. With that money, it would allow for construction and improvement of more than about 1 million homes that are affordable. The second goal is to expand the earned income tax credit for about 17 million low wage workers. The third goal is to increase the maxim of the Pell Grant by about $550 million students that are enrolled in public, private, non-profit college and to cans access to DREAMers. Finally, to expand the amount of free school meals to about 8.7 million students during the school year, as well provide $65 per. Children’s month benefits to about 29 million children so they can purchase food during the summer. Tax reforms- Biden plans to achieve the way taxes are collected and managed by the government is through 4 main goals. The first goal is that the framework will put out a 15% minimum tax on profits that report more than $1 billion in profits to shareholders.

This would also incorporate a 1% expense on corporate stock buyback. The second goal would be for the plan to adopt a 15% country by country minimum tax on foreign profits from US corporations. The third goal is to urge a new surtax on income of multi-millionaires and billionaires at a 5% rate of an income above $25 million. This has the whole White House worried because nobody is earning $400,000 or less would have their taxes raised. Finally, the last goal is to be able to hire more IRS enforcement agents who have trained to pursue wealthy evaders. Childcare and Caregiving are the last thing that Biden is focusing on. The first goal is to be able to have “free preschool for all 3- and 4-year old’s, meaning the biggest expansion of public education in almost 100 years”, according to The White House but, would include a funding of six years. The second thing is to expand access to finest and affordable childcare to almost about 20 million children each year, which would also include a funding of six years. The third thing is to “permanently improve Medicaid coverage for care service for seniors and people with disabilities, which would make the most transformative investment in access to home care in 40 years,” According to the White House. Finally, “expand the increase of child tax credit which would include the American Rescue Plan and provide more than $3,600 or $300 per month in tax cuts for children,” According to CNN. On October 28, 2021, Biden’s plan was approved by both houses, The House and the Senate . “This will be the most transformative investment in children and caregiving in generations, the largest effort to combat climate change in history, a history tax cut for millions of middle-class families and the biggest expansion of affordable health care in a decade.” A senior administration official said according to CNN.