Biden's latest $1 trillion+ plan

President Biden on Wednesday will present his third $1 trillion+ package to Congress since taking office, asking for $1.8 trillion in new spending to expand the American education system, provide more help for childcare and create millions more jobs.

The big picture: Biden is also proposing a series of tax hikes on the rich, which his administration vows will not hit Americans who make less than $400,000 and households with less than $1 million in capital gains.

Administration officials insist that Biden’s American Families Plan — with $1 trillion in new spending and $800 billion in tax breaks — will be entirely offset by new revenue.
Most of the $1.8 trillion cost will be covered by increasing personal taxes on individuals, but officials will also need to draw some revenue from the corporate tax increases that Biden proposed earlier this month.
The White House is calculating additional revenue over 15 years, while the spending proposals mostly cover eight years, an accounting method questioned by Republican lawmakers — and privately, by some Democrats.