The New York Post:
Biden unveils $1.8T ‘families’ plan that would be a major blow to New Yorkers (and Californians)
President Biden on Wednesday rolled out the blueprint for another massive tax-and-spend bill, dubbed the American Families Plan, which would boost federal spending by $1.8 trillion through tax hikes on high-income Americans and investors.
The package includes $511 billion for education, including universal preschool for 3- and 4-year-olds and free community college, and $225 billion for child care, including a subsidy that would cap expenses for most workers at 7 percent of income. The plan calls for $225 billion to subsidize 12 weeks of paid parental and sick leave and $45 billion more for food stamps and school food programs.
About $800 billion would go toward tax credits, including $200 billion for ObamaCare users. The plan would make permanent the recent expansion of tax credits for people with children — from $2,000 per year to $3,000, or $3,600 for children under age 6.
But in a major blow to New York-area Democrats including Gov. Andrew Cuomo, the proposal omits repeal of the 2017 SALT deduction cap of $10,000 per person, which hammered residents of higher-tax states by preventing them from deducting state tax payments on their federal tax returns.