Factbox: How Biden’s Proposed Tax Hikes for the Wealthy Would Fund Childcare, Community College

President 👤Joe Biden on Wednesday will propose raising taxes on the wealthiest Americans to pay for pre-kindergarten and community college education and paid leave for healthcare. The $1.8 trillion plan involves $1 trillion in new spending and $800 billion in tax credits.

WHAT AMERICANS WOULD GET

Universal pre-kindergarten: Biden will ask Congress to provide $200 billion for free preschool for all 3- and 4-year-olds.

Childcare: The package would assure that low- and middle-income families pay no more than 7 percent of their income on childcare for children under 5 years old.

Paid family leave: It would guarantee 12 weeks of paid parental and family leave by year 10 of the program and also assure that workers receive three days of bereavement leave a year starting in the first year.

Free community college: It would seek $109 billion for two years of free community college regardless of income.

Boost Pell Grants: It would provide up to about $1,400 in additional assistance to low-income students by increasing the Pell Grant award, a popular college subsidy program.

Retain students: It would provide $62 billion via a grant program to invest in completion and retention activities at colleges and universities that serve high numbers of low-income students, particularly community colleges.

Historically Black colleges: It would seek $39 billion to help pay for two years of subsidized tuition for students from families earning less than $125,000 enrolled in a four-year college that serve primarily minority students, such as Historically Black colleges and universities.

Teachers: It would double scholarships for future teachers to $8,000 from $4,000 and provide money to help teachers, particularly those in low-income school districts, earn additional certifications.