The below excerpts are on our own.
BUILD BACK BETTER: JOE BIDEN’S JOBS AND ECONOMIC RECOVERY PLAN FOR WORKING FAMILIES
… In this time of crisis, Joe Biden has a plan to create millions of good-paying jobs and to give America’s working families the tools, choices, and freedom they need to build back better.
That starts with a real strategy to deal with the pandemic. We can’t solve the jobs crisis until we solve the public health crisis. …
Biden will also provide further immediate relief to working families, small businesses, and communities. Biden will:
– Provide state, local, and tribal governments with the aid they need so educators, firefighters and other essential workers aren’t being laid off.
– Extend COVID crisis unemployment insurance to help those who are out of work.
– Provide a comeback package for Main Street businesses and entrepreneurs.
And, Biden will immediately put people to work by enlisting them to help fight the pandemic, including through a Public Health Jobs Corps.
… The Biden plan will mobilize the American people in service of four bold, national efforts to address four great national challenges. As President, Biden will:
– Mobilize American manufacturing and innovation to ensure that the future is made in America, and in all of America. …
– Mobilize American ingenuity to build a modern infrastructure and an equitable, clean energy future. …
– Mobilize American talent and heart to build a 21st century caregiving and education workforce which will help ease the burden of care for working parents, especially women. …
– Mobilize across the board to advance racial equity in America. …
Building back better means an updated social contract that treats American workers and working families as essential at all times, not just times of crisis…a decent wage, at least $15 per hour…universal paid sick days and 12 weeks of paid family and medical leave…
Building back better means helping small businesses and entrepreneurs come out the other side of this crisis strong, while demanding more from corporate America. …
…reversing some of Trump’s tax cuts for corporations and imposing common-sense tax reforms that finally make sure the wealthiest Americans pay their fair share.
A TALE OF TWO TAX POLICIES: TRUMP REWARDS WEALTH, BIDEN REWARDS WORK
I. Trump’s Tax Proposal In An Economic Crisis: A New Billionaire Tax Cut
… In Trump’s America, a working family making $65,000 will pay 22% on every extra dollar they earn, not including payroll taxes, while billionaires will pay just 15% on their profits from investments. …
II. Trump’s Tax Record: Billions For Foreign Investors And Large Multinational Corporations
… In 2018, in the wake of the Trump tax giveaway, 91 companies in the Fortune 500 paid no federal taxes on their income and another 56 paid less than 5 percent. …
Just a few examples of the harmful impact of Trump’s corporate tax giveaway include:
– Wells Fargo saved nearly $6.5 billion from the tax giveaway in 2018 and 2019, then authorized $40 billion worth of stock buybacks, raised interest rates on borrowers, and announced that it would lay off up to 26,000 workers.
– The pharmaceutical giant AbbVie received a $1.3 billion tax handout, announced $10 billion worth of buybacks, then increased prices for more than 10 of its products, including the arthritis medication, Humira.
– JPMorgan Chase pocketed $8.76 billion in tax breaks in 2018 and 2019 and yet last year still charged consumers $2 billion in overdraft fees, and cut hundreds of jobs.
– Harley-Davidson announced it would repurchase almost $700 million worth of its own stock, slash 350 manufacturing jobs, and shift some of its production overseas.
– AT&T cut thousands of jobs, while Trump gave them $1 billion in federal contracts and a $3 billion per year tax cut.
– Boeing offshored more than 2,000 U.S. jobs and announced billions in stock buybacks while receiving $29 billion in contracts and a $1.1 billion tax cut from Trump.
III. Biden’s Plan: Make The Wealthy And Corporations Pay Their Fair Share, And Provide Tax Relief For Working Families
… Joe Biden will not raise taxes on anyone making less than $400,000. Period. But he will ask wealthy Americans and big corporations to pay their fair share, including by:
– Raising the corporate tax rate to 28 percent.
– Requiring a true minimum tax on ALL foreign earnings of United States companies located overseas so that we do our part to put an end to the global race to the bottom that rewards global tax havens. This will be 21% — TWICE the rate of the Trump offshoring tax rate and will apply to all income.
– Imposing a tax penalty on corporations that ship jobs overseas in order to sell products back to America.
– Imposing a 15% minimum tax on book income so that no corporation gets away with paying no taxes.
– Raising the top individual income rate back to 39.6 percent.
– Asking those making more than $1 million to pay the same rate on investment income that they do on their wages.
…
THE BIDEN PLAN TO BUILD A MODERN, SUSTAINABLE INFRASTRUCTURE AND AN EQUITABLE CLEAN ENERGY FUTURE
… Amidst the COVID-19 pandemic, he ignored public health experts, praised the Chinese government, and failed to take the actions needed to protect the American people. …
Just as with COVID-19, Donald Trump has denied science and failed to step up in the face of the climate crisis. He has called it a hoax. He has allowed our infrastructure to deteriorate and farmers’ fields to flood. He has held back American workers from leading the world on clean energy, giving China and other countries a free pass to outcompete us in key technologies and the jobs that come with them. …
… He will launch a national effort aimed at creating the jobs we need to build a modern, sustainable infrastructure now and deliver an equitable clean energy future.
… Biden will make a $2 trillion accelerated investment…
– Infrastructure:…from roads and bridges to green spaces and water systems to electricity grids and universal broadband…
– Auto Industry: Create 1 million new jobs…
– Transit: Provide every American city with 100,000 or more residents with high-quality, zero-emissions public transportation options through flexible federal investments with strong labor protections…
– Power Sector:…a carbon pollution-free power sector by 2035. …
– Buildings: Upgrade 4 million buildings and weatherize 2 million homes over 4 years, creating at least 1 million good-paying jobs with a choice to join a union…
– Housing: Spur the construction of 1.5 million sustainable homes and housing units.
– Innovation: Drive dramatic cost reductions in critical clean energy technologies, including battery storage, negative emissions technologies, the next generation of building materials, renewable hydrogen, and advanced nuclear…
– Agriculture and Conservation: Create jobs in climate-smart agriculture, resilience, and conservation, including 250,000 jobs plugging abandoned oil and natural gas wells and reclaiming abandoned coal, hardrock, and uranium mines…
– Environmental Justice…
Biden also reaffirms his commitment to fulfill our obligation to the workers and communities who powered our industrial revolution and decades of economic growth, as outlined in his original climate plan. …
– BUILD A MODERN INFRASTRUCTURE …
– POSITION THE AMERICAN AUTO INDUSTRY TO WIN THE 21ST CENTURY …
– CREATE MILLIONS OF JOBS PRODUCING CLEAN ELECTRIC POWER FOR AMERICAN FAMILIES AND BUSINESSES …
– UPGRADE THE BUILDING SECTOR: RETROFITTING BUILDINGS, UPGRADING SCHOOLS, AND BUILDING HOMES ACROSS AMERICA …
– PURSUE A HISTORIC INVESTMENT IN CLEAN ENERGY INNOVATION … A major focus of Biden’s commitment to increase federal procurement by $400 billion in his first term…
– INVEST IN SUSTAINABLE AGRICULTURE AND CONSERVATION …
– SECURE ENVIRONMENTAL JUSTICE AND CREATE EQUITABLE ECONOMIC OPPORTUNITY …
LIFT EVERY VOICE: THE BIDEN PLAN FOR BLACK AMERICA
THE BIDEN AGENDA FOR THE LATINO COMMUNITY
BIDEN-SANDERS UNITY TASK FORCE RECOMMENDATIONS (PDF)
