Bidenomics

The Biden Administration’s “Build Back Better” agenda incorporates the following ideals:

1. Build a modern infrastructure.
2. Position the U.S. auto industry to win the 21st century with technology invented in America.
3. Achieve a carbon pollution-free power sector by 2035.
4. Make dramatic investments in energy efficiency in buildings, including completing 4 million retrofits and building 1.5 million new affordable homes.
5. Pursue a historic investment in clean energy innovation.
6. Advance sustainable agriculture and conservation.
7. Secure environmental justice and equitable economic opportunity.

The plan has 3 parts.

Part I – American Rescue Plan Act 2021 – COVID stimulus, signed into law March 11, 2021.

Part II – American Jobs Plan – will invest $2 Trillion in U.S. infrastructure over 8 years. This plan will be funded by increasing the corporate tax rate from 21 to 28 percent (7% increase), ending subsidies for fossil fuel companies, and increasing the global minimum tax rate from 13 to 21 percent (8% increase).

Part III – American Families Plan – $1 Trillion federal spending towards childcare, paid leave, pre-kindergarten, community college, and healthcare. The plan will be funded with capital gains taxes for people earning $1 million or more and some additional taxes on top earners.