Democratic presidential nominee Joe Biden plans on winning the election in November and taking over the residency of the White House. If this happens, he will set into motion a new economic plan to "jumpstart" recovery. This proposed plan reportedly would include a new round of stimulus checks for those impacted by the COVID-19 pandemic.
According to Business Insider, the proposed plan includes several key measures. The stimulus checks top the list, but Biden would also reportedly implement paid sick leave for workers and boost unemployment benefits. Parents of young children would also reportedly receive an annual $8,000 tax credit while the newly-unemployed would have their health insurance costs covered.
Congress approved a one-time stimulus payment worth $1,200 in March and has since conducted negotiations over a potential second round. The two sides have not been able to reach an agreement. Biden reportedly plans on a second round if he wins the election, but the amount is unknown.
"Nearly one in six small businesses have closed this year," Biden said during his speech on Thursday. "And this president, if he's re-elected, you know what will happen. Cases and deaths will remain far too high. More mom-and-pop businesses will close their doors, and this time for good. Working families will struggle to get by. And yet the wealthiest one percent will get tens of billions of dollars in new tax breaks."
Biden has reportedly proposed nearly $4 trillion in tax increases over the next decade. Business Insider reports that the majority of the new taxes "would fall squarely upon" the top 1% of households. Some other revenue would reportedly come from a partial repeal of the 2017 GOP tax cuts.
Biden previously unveiled a $700 billion "Buy American" plan that aims to revive a "sputtering economy" with a renewed focus on domestic manufacturing. The proposal has two main components, the first of which is a $400 billion initiative to ramp up demand for US-made products and services. The second component is a $300 billion investment in American research and technology. Half of the money would be directed to clean energy research.
The Biden campaign claims that this new initiative would generate five million jobs that were previously lost during the pandemic. It would also create another five million new jobs. Biden is also calling to crack down on "false advertising" of the products made overseas that advertise buying American. The $700 billion campaign would reportedly implement "common-sense tax reforms that finally make sure the wealthiest Americans pay their fair share."