It’s been nearly a year since President Joe Biden introduced his American Jobs Plan. However, many people still may not be aware of some of the key factors of the plan.
A 2020 study shows that up to 80% of Americans only follow politics casually or not at all. Granted, the last few years have been quite stressful when it comes to the subject of politics, and some probably don’t want to think about it.
Regardless, these are matters that affect all of us as citizens, and we should remain educated on these matters. If you want to stay aware and informed, here are the key points to understand about the American Jobs Plan.
What is American Jobs Plan?
The American Jobs Plan Biden unveiled on March 31, 2021, is an attempt to improve and rebuild America’s aging and struggling economy through a $2.3 trillion investment. It touches on matters such as infrastructure, taxes, health care, domestic manufacturing, and more.
In terms of infrastructure, $650 billion would be spent on important needs such as housing, clean water, education, high-speed internet, etc. Another $621 billion would go towards transportation infrastructure such as repairing bridges and roads and modernizing public transportation.
On matters of health, the American Jobs Plan seeks to expand affordable and quality health care. It also focuses on affordable care for the elderly while ensuring fair pay and benefits to caregivers.
American manufacturing is also a major focus of the American jobs plan. President Biden plans to invest $580 billion into small business and workforce research and development (R&D). The $180 billion for R&D would include focusing on clean energy efforts such as reducing emissions, researching climate change, and building climate-related resilience into our infrastructure.
Let’s focus on some key takeaways, including how the American Jobs plan affects taxes.
Key American Jobs Plan Takeaways
One important takeaway from this American Job Plan analysis is that $2.3 trillion is bound to cost the American people in taxes. It’s fair to want to know exactly what that will look like.
The proposal is to raise the corporate tax rate from 21% to 28%. The global minimum tax for U.S. multinational corporations will be raised to 21%. And there will be a 15% minimum tax on large corporations’ income used to report investors’ profits.
There will also be changes to individual taxes. Click to learn more about those proposals, as there are many.
It’s worth noting that this money is intended for important causes. Large investments would go towards clean energy efforts such as the federal purchase of EVs, charging ports, and electric heat pumps. And $100 billion would go towards helping dislocated workers and towards getting young people on a career path before they graduate high school.
The American Jobs Plan
This was a brief analysis of President Biden’s American Jobs Plan. There is much more that can be said about it, so continue to do your research and form your own opinions on the matter.
For more information, visit our Politics section.
