Earlier, President Biden unveiled his $1.75 trillion economic plan.
With a focus on care for families, climate change, access to healthcare, lowering costs for the middle class, and tax reform, the plan still faces an uphill battle in Congress. In fact, progressive House Democrats are skeptical of the plan, and want to see the full legislative text first.
At the moment, here’s what’s in the plan.
For children and caregiving, the White House wants to provide free and universal preschool for all three and four year olds. They also want to expand the enhanced child tax credit, and provide millions of households with up to $3,600 in tax cuts per child.
With regards to climate change, “The plan includes clean energy tax credits for Americans installing rooftop solar panels, an electric vehicle tax credit, tax credits for clean energy production and would create a civilian climate corp. White House officials say the framework Biden is set to lay out will put the US track to Biden’s Paris Agreement goal: a 50-52% reduction in greenhouse gas emissions below 2005 levels by the end of the decade,” as noted by CNN.
That plan is already boosting solar stocks, like First Solar (FSLR) and Sunrun (RUN).
In addition, for climate change, the plan also includes $555 billion in investments and would cut greenhouse emissions by up to 50%. It may also provide tax credits to Americans who buy electric vehicles. In fact, it could provide up to $12,500 in incentives to some families that decide to stop driving gas-guzzling vehicles.
That could fuel even more upside for EV companies such as Tesla (TSLA) and Nio (NIO).
With healthcare, the plan will reportedly lower premiums for millions who buy insurance through the Affordable Care Act. It would also expand Medicare coverage to include hearing services. As for lowering costs for the middle class, it would “extend the expanded Earned Income Tax Credit for about 17 million low-wage workers,” as also noted by CNN.
To help pay for all of this, the President wants to repeal tax rebates, impose surcharge on corporate stock buybacks, and add a surcharge on the earnings of the wealthiest Americans.
Again, the plan does face an uphill battle in Congress.
We’ll keep you updated on what happens next.
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