Biden plans to unveil $20 billion stimulus plan at 1:20 p.m.
ET at the Democratic National Convention in Philadelphia.
The plan will be unveiled at the annual party convention on July 28.
Biden’s plan would offer a massive $20 trillion investment in infrastructure, public safety, education, and social services.
According to the president’s plan, the stimulus would fund a $50 billion increase in the Earned Income Tax Credit and the Child Tax Credit.
Biden is also expected to propose $2.5 trillion in tax relief for families earning $250,000 or less.
As president, Biden will also work to reform the federal tax code to simplify it and to reduce taxes on the wealthiest Americans, and will seek to reform Social Security, Medicare and Medicaid.
“I am so excited to announce my ambitious new plan to reform our broken tax code,” Biden said in a statement.
“The president’s new proposal will be a bold, bold and bold-minded approach that will deliver on President Biden’s promises to help Americans get ahead.”
While the stimulus plan has garnered praise from Democrats and economists, it has been criticized by some Republicans who say it would not achieve a substantial reduction in the deficit.
The $20-trillion-plus stimulus plan would also likely result in higher taxes on some Americans.
On Tuesday, President Trump criticized Biden’s plan on Twitter, calling it a “big fat tax cut for the rich.”
“BidenCare is going to be the biggest tax cut in the history of the country.
Tax rates will go up on everybody,” Trump said in an interview with Fox News’ Megyn Kelly.
“Biden wants to be remembered for $20,000 for life and for $2,500 for life.
And that’s a big fat tax increase.
I don’t think it’s going to happen.
It’s going not to happen.”
Bidens plan also includes a new program known as the “Buffett Rule,” which would provide $1.5 billion to states and $2 billion to the federal government each year for four years.
The Biden administration has said it would use the funds to build infrastructure, hire more teachers and provide additional tax breaks to businesses.