Joe Biden plans to cut taxes, boost health care and reduce college debt during his first term
A Joe Biden presidency will potentially impact the personal finances of millions of Americans, from how much they pay in income taxes, to whether they can pare college debt – or afford college at all.
Those who stand to benefit most are the middle class and low wage earners, experts say, while the affluent will likely pay more.
"Biden ramps up government spending on education, health care and other social programs, the benefits of which largely go to those in the bottom half of the income distribution,'' Moody's Analytics wrote in a report for investors issued before Biden was officially the president-elect.
"Meanwhile, he meaningfully increases taxes on the well-to-do, financial institutions and businesses to help pay for it."
At: https://www.usatoday.com/story/money/personalfinance/2020/11/09/biden-presidential-win-family-budget-taxes-health-care-impacts/6124816002/
President-elect Joe Biden during a campaign stop at a Michigan factory.
Biden's "economic re-write" features traditional Democratic policies such as more spending on education, health care and other social programs - with tax cuts for most Americans, and tax hikes on the wealthy and corporations.
