US President Joe Biden, as part of his “Build Back Better” plan, is set to unveil his $1.8 trillion American Families Plan and much-awaited American Jobs Plan today. The announcement today could also include ending tax cuts and closing loopholes used by the most wealthy, including raising the capital gains tax on those making $1 million a year.  The US president, who is completing roughly 100 days in the office, will be addressing what has been termed as a ‘Joint Session of Congress’ by House Speaker Nancy Pelosi, who officially invited Biden to speak at the event.

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Massively hit by the coronavirus pandemic last year, the US economy lost more than 21 million jobs. The US, as it limps back to normal, was still 8.4 million jobs short of pre-pandemic levels as of March. The unemployment rate has since dropped to 6%, but not all who were hit during the pandemic are back in the labour force.

The president is expected to pitch his infrastructure proposal, termed the American Jobs Plan, and a follow-up American Families Plan meant significantly to expand access to preschool, community college, child care and health care benefits. To pay for the spending, Biden would reverse parts of President Donald Trump’s 2017 tax cuts and close tax loopholes. The jobs plan, Biden had said, will invest about $2 trillion over the next eight years, amounting to about 1% of America’s GDP per year over that time, an administration official estimated.

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President Joe Biden, under his two-step economic recovery plan, would invest more in America, creating millions of additional jobs, combatting the climate crisis, advancing racial equity. The $1.9 trillion American Rescue Plan provides a $300 weekly boost, extends pandemic aid until September 6 and offers a new tax waiver on the first $10,200 of unemployment benefits for many Americans.