President Biden is initiating a $1.8 trillion plan that targets relief for families and education. One of the main aspects of this plan is to help with college expenses and increase the number of existing scholarships or money going towards education. This will benefit all age groups in school. Here, direct support will be available to American families, free education will be general, and tax cuts will be extended for Americans.
According to AP News, $9 billion will go towards the training of teachers and scholarships. A large bulk of the plan ($200 billion) will go towards free preschool for toddlers aged three to four years old. This would help families save money early on, and the national literacy rate will increase as well. The next large bulk of the plan, which is $109 billion, will go towards giving all Americans two years of community college for free. Thus making college more affordable. This could cause great relief for students who fear student debt. As well as a decision-maker between schools and or majors. “Western Technical College President Roger Stanford says free tuition could help students discover high-paying but lesser-known programs,” says WEAU News. Not only does it help students in developing their goal for college, but it is also financially suitable for many families that may have difficulty finding the funds to get a post-secondary education. The breakdown of the initiatives goes into great detail about where the money goes and who it will benefit.
The money for this plan will be coming from an increase in the “IRS enforcement funding to audit wealthier taxpayers and mandate that financial institutions report earnings from investments and business activity in ways similar to wages,” says AP News. Of course, when it comes to taxpayers who are in the less than one percent, making $1 million or more a year, they will pay 39.6% instead of the regular 20% of income, “from capital gains such as the sale of a stock or other asset,” says AP News. With an additional extension of tax cuts for families, the middle class will be able to expand. With this plan, families will reach goals and basic needs much sooner than feeling like something nearly impossible to be done.