Joe Biden won the presidential election: what to expect for US residents

The Democratic candidate and rival of the incumbent President of the United States Donald Trump Joe Biden bypassed his rival and, according to preliminary data, won the presidential election. What did Biden promise to his voters? Back when he formally announced his entry into the 2020 presidential race, Joe Biden said he stood for two things - the workers who "built this country" and the values ​​that can bridge its divisions. Reminds me of this Air force.

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The United States faces challenges ranging from the coronavirus to racial inequality. And Biden's goal, according to his agenda, is to create new economic opportunities for workers, restore environmental protections and health care rights, and international alliances.

It discusses in detail the candidate's position on key issues.

Coronavirus

National Testing and Tracking Program

Biden's approach to tackling the coronavirus, the most urgent and obvious challenge facing the country, is to provide free testing to everyone and hire 100 people to create a national contact tracing program.

He says he wants to create at least 10 testing centers in every state, urge federal agencies to commit resources, and enforce tougher national guidance through federal experts. Biden states that all governors should require the wearing of masks.

Work and money

Raising the minimum wage and investing in green energy

To address the immediate effects of the coronavirus crisis, Biden has vowed to spend "whatever it takes" to provide loans to small businesses and expand direct cash payments to families. Proposals include an extra $200 a month in Social Security payments, repealing Trump-era tax breaks and student loan forgiveness for up to $10 in federal loans.

Biden's broader economic policies, dubbed "Build Back Better," are aimed primarily at two groups that traditionally support Democrats: young people and workers.

He supports raising the federal minimum wage to $15 an hour, a measure popular among young people that has become something of a totemic figure for the Democratic Party in 2020 and a sign of its shift to the left. He also wants to invest $2 trillion in green energy, arguing that developing green manufacturing helps the unionized working-class workers who do most of the work.

There's also a $400 billion pledge to use federal dollars to buy American goods, along with a broader commitment to enforcing the Buy American Act for new transportation projects. Biden had previously been criticized for supporting the North American Free Trade Agreement (Nafta), which critics said was moving jobs overseas.

His plan calls on the federal government to invest $ 300 billion in American materials, services, research and technology.

On the subject: Taxes, immigration, Russia and Ukraine: what Trump and Biden discussed in the final debate

Taxes

Joe Biden put forward several proposals for changing tax laws. In general, he offers raise taxes on corporations and wealthy Americans, while canceling some clauses of Trump's 2017 tax reform.

Biden promises not to raise taxes for those earning less than $ 400 a year. If Biden brings his agenda to fruition, then most of the tax burden will be borne by high-income individuals. Analysis Penn wharton budget model shows that those who earn less than $ 400 a year will see an average 000% decrease in after-tax income, and those who earn more than this amount will receive 0,9% less in their hands than before the innovations Biden.

The former vice president also proposes to increase the tax credit for children and restore credit for first-time home buyers.

Biden's plan calls for an increase in the maximum federal income tax rate from 37% to 39,6% for those with taxable income in excess of $ 400. He also wants to tax wages in excess of $ 000 on Social Security. Now people who earn more than 400 a year do not pay it. Estimated Tax foundationthis can be a real problem for the wealthy living in states with high local taxes (California, New Jersey, New York). Their combined tax burden (state and federal taxes) can exceed 60%.

The famous rapper 50 cent is outraged by Biden's idea and announced that he will leave the United States if he wins. The artist is not ready to give 62% of his income to the government.

Estimated Urban Brookings Tax Policy Center, such innovations will lead to the fact that the 1% of US residents with the highest income, the amount on hand after taxes will be reduced by an average of 15,9%.

According to Biden's plan, the corporate tax rate will rise from 21% to 28%. It will also set a minimum tax on "book" corporate profits of 15% and increase the tax on international profits. According to the analysis by Tax foundationThe proposed business taxes will bring the US budget $ 2,4 trillion to $ 4 trillion over 10 years.

Healthcare

Obamacare 2.0

Biden says he will expand the state health insurance scheme adopted when he was Barack Obama's deputy to cover roughly 97% of Americans. Biden promises to give all Americans the opportunity to enroll in a public health insurance scheme similar to Medicare, which provides health benefits for the elderly and to lower the Medicare age from 65 to 60.

Compulsory health insurance (individual mandate)

President Donald Trump canceled the individual mandate in 2017 as part of his tax reform. Biden intends to recover tax penalties for lack of health insurance.

Limiting insurance costs

The Biden plan will allow consumers to choose their own health care provider, not limited to the so-called network. This is done with the goal of expanding American access to medicine. At the same time, consumers will be allowed to spend no more than 8,5% of their income on insurance. Under the current Affordable Care Act (ObamaCare), consumers can spend nearly 10% of their income on insurance.

Reducing the price of prescription drugs

Biden intends to repeal a law that now prohibits Medicare representatives from negotiating with drug manufacturers to reduce the cost of medicines. He also wants to curb price increases "for all overpriced branded, biotech and generic drugs."

Consumers will also be able to buy prescription drugs from other countries where prices are much lower. According to Biden's plan, this will help mobilize competition and lower prices in the American market.

Illegal immigrants will also be able to buy health insurance

Biden's plan will allow illegal immigrants to buy health insurance, but not subsidized plans.

The Committee on Responsible Federal Budgeting, an impartial group, estimates Biden's overall health plan will cost $ 2,25 trillion over 10 years.

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Immigration

Cancel Trump's policy

In his first 100 days in office, Biden promises to reverse Trump's policy of separating parents and children at the U.S.-Mexico border, as well as lift Trump's travel ban on citizens of several mostly Muslim countries. He also promises to protect “Dreamers”—people brought to the U.S. illegally as children who were allowed to remain in the country under Obama-era policies—and guarantee their eligibility for federal student aid.

Joe Biden's agenda basically boils down to returning immigration policy to the state it was in under Barack Obama.

To do this, he intends:

• support DACA in every possible way;
• develop a policy for obtaining citizenship by some illegal immigrants;
• refrain from building a wall on the southern border of the United States;
• to increase the limit of admission of refugees to 125 thousand people a year;
• to allocate money to the countries of Latin America ($ 4 billion over 4 years) to solve their problems, leading to the active migration of residents to the United States.

Education

Debt cancellation and free colleges

In a marked shift to the left, Biden proposed several important elements of education policy that have become popular in the party: student loan debt relief, the expansion of free colleges, and universal access to preschool. According to the plan, they will be paid with money received from the repeal of the Trump-era tax breaks.

Racial issues

Criminal justice reform, minority grants

Following the racial protests that gripped the US this year, Biden said racism still exists in the US and needs to be fought with sweeping economic and social support programs for minorities. His program provides support for minority businesses through a $ 30 billion investment fund.

On the criminal justice front, he has strayed far from his criticized "tough on crime" stance of the 1990s. Biden has now proposed policies to reduce the number of prisoners, eliminate disparities in the justice system based on race, gender and income, and rehabilitate released prisoners. He now promises to create a $ 20 billion grant program to encourage states to invest in efforts to reduce prison prisoners, abolish mandatory minimum sentences. decriminalize marijuana at the federal leveland abolish the death penalty.

However he rejected calls for police definancing, stating that instead, resources should be tied to maintaining standards. He argues that some of the funding for the police should be diverted to social services such as mental health, and is calling for $ 300 million in public order.

For more details on Biden's plans, see page of his campaign headquarters.

Read also on ForumDaily:

How to choose the president of the United States: a simple explanation of the complex electoral system

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Battle for ObamaCare: How Trump and Biden Settle to Reform Health Care

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