Joe Biden Unveils $775 Billion ‘Build Back Better’ Plan to Boost Child and Elderly Care

(July 21) Watch live as presumptive Democratic presidential nominee Joe Biden gives his campaign speech in New Castle, Delaware, to roll out the next phase of his “Build Back Better” economic recovery plan, a $775-billion program to boost child and elderly care paid for with real estate taxes.

Biden on Tuesday unveiled a $775 billion plan to bolster child care and care for the elderly that would be financed by taxes on real-estate investors with incomes of more than $400,000 as well increased tax compliance by high-income earners.

The Biden campaign did not fully explain how the plan for a “caring economy” would be financed, but officials highlighted some tax breaks they would seek to eliminate to raise revenue.

In particular, a senior campaign official said a Biden administration would take aim at so-called like-kind exchanges, which allow investors to defer paying taxes on the sale of real estate if the capital gains are reinvested in another property. The official also said they would prevent investors from using real-estate losses to lower their income tax bills.

Biden is scheduled to deliver a speech on the policies Tuesday afternoon in New Castle, Delaware.

The proposal is the third plank of the Democratic nominee’s economic plan. It calls for universal preschool for three- and four-year-olds. It also eliminates the waiting list for home and community services under Medicaid, offers low-income and middle-class families a tax credit of as much as $8,000 to help pay for child care and increases pay for caregivers and early childhood educators.

Senior campaign officials said Biden’s plan is informed by his experience as a single father after his first wife died in a car accident. If elected, Biden would immediately provide states and cities with fiscal relief to keep workers employed and crucial public services running, including direct care and child care services.

The plan would add 3 million jobs in the care and education sectors, including 150,000 community health workers in underserved communities. It also emphasizes investments in building child care facilities. But the plan also calls for substantial resources in an innovation fund to help expand home- and community-based alternatives to institutional care.

On Monday, Biden teased his “caring economy” plan at a fundraiser hosted by Blackstone Group President Jonathan Gray, telling donors he wanted to make it easier for elderly Medicaid recipients to receive care at home.

Children of elderly parents “might not be able to cure their mother’s Alzheimer’s but they can make sure she doesn’t break her hip. Walk through the house and install handrails in the right spots in the bathroom or fix the doors so she doesn’t get stuck when she tries to open it,” he said.

Biden also defended his broader economic agenda, which includes a push for more union jobs, telling the high-dollar donors: “I hope I don’t offend any of you by that, but I really think it is totally consistent with a market economy and moving forward.”

Last week, Biden called for investing $2 trillion over four years in clean energy and setting a 100% clean-electricity standard by 2035. The first part of the economic plan is intended to foster manufacturing and American innovation. The fourth one will address racial equity, the campaign said.

QUICKTAKE ON SOCIAL:

QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

[sharkatk]

Build back better,
Sounds a lot like "Make America Great Again" you had 4 years to come up with something and that's what you guys came up with?

[sharkatk]

This speach sounds like Joe wrote it?
(I dont know what he's talking about) more over, I don't have ANY Idea what he is going to do for our country!!!

[mrjp]

Build back better? Isn't that just saying Make America Great Again but in gibberish

[albinosalvator]

This is truly SAD! How long you've been a politician Joe and what have you done to show you "care" for anyone but you and your family.? If anyone votes for this man or any Democrats for that matter you just not right in the head.

[sharkatk]

It's not about dignity and respect. Its about running this country and doing it in the best interest of the American people!
Comm'on Joe!

[darkprince]

I'm sooo over this man walking out with a mask so the cameras can see him wearing one or when he's wearing it sitting in his own house... nothing more than a political prop. I hope people can see right through that!

[sharkatk]

His father and grandfather never said that!

[Tamra_Bam]

People are still playing along with this? Stop It 🤣🤣🤣

[rashdaniel]

I would love to meet the person who is excited to vote for this.

[omerkaya]

I get dementia from trying to read "Build back better".

[robertfromcalifornia]

Biden should advertise “Me do gooder!” Not Build Back Better.

[I_am_milan]

"build back better"?
Good lord! Donald Trump just won his reelection 🙄

[gottabighit]

Parkinson’s. Look at his gate (the way he steps) . That is classic Parkinson’s Disease.

Build Back but Better in your house, not at the White House

[sharkatk]

First remove the "plank" from your own eye ... so you can see clearly to remove the "speck" ...

[scotttorregrossa]

Sounds like a waste of taxpayers money plus a bunch for his pocket that he can split with his constituants

[stopbeingakeyboardkillermo]

I don't know, but I just don't trust, Jim Crow Joe!!!!

[WearevotingTRUMP]

Hes repeating what is being said in his hidden ear piece .
thats why he pauses and stumbles;)

Trump 2020 landslide victory ✌️ 🇺🇸. More high taxes and slow recovery all along making money politicians wealthy.

[pittwo]

joe can you remember this quot “ can do for you – what you can do for, ” How about preaching this!
But of cause not you and your party instead say this "Vote for me and it will al be for free"