U.S. President Biden unveils $1.8 trillion "American Families Plan"

White House released the details of the U.S. President Biden's The American Families Plan that "includes $1.8 trillion in investments and tax credits for American families and children over ten years", which are to be funded by tax increases on the wealthy.

• "In all, the American Families Plan includes $1.8 trillion in investments and tax credits for American families and children over ten years. It consists of about $1 trillion in investments and $800 billion in tax cuts for American families and workers."
• "President Biden is calling for a national partnership with states to offer free, high-quality, accessible, and inclusive preschool to all three-and four-year-olds, benefitting five million children and saving the average family $13,000, when fully implemented."
• The plan will also "offer two years of free community college to all Americans, including DREAMers".
• The plan will also provide families with a range of options to choose from for their child, from child care centers to family child care providers, Early Head Start, and public schools that are inclusive and accessible to all children.
• The plan will "create a national comprehensive paid family and medical leave program".
• Extend the Child Tax Credit increases in the American Rescue Plan through 2025 and make the Child Tax Credit permanently fully refundable. The President is calling for the Child Tax Credit expansion, first enacted in the American Rescue Plan, to be extended. This legislation expands the Child Tax Credit from $2,000 per child to $3,000 per child for six-years old and above, and $3,600 per child for children under six. It also makes 17-year-olds eligible for the first time and makes the credit fully refundable on a permanent basis, so that low-income families—the families that need the credit the most—can benefit from the full tax credit.
• The plan will "increase the top tax rate on the wealthiest Americans to 39.6 percent" (from 37%). 
• Households making over $1 million—the top 0.3 percent of all households—will pay the same 39.6 percent rate on all their income, equalizing the rate paid on investment returns and wages.
• "The President is also calling on Congress to close the carried interest loophole so that hedge fund partners will pay ordinary income rates on their income just like every other worker."
• "Finally, high-income workers and investors generally pay a 3.8 percent Medicare tax on their earnings, but the application is inconsistent across taxpayers due to holes in the law."