After having worked beside President Barack Obama, Biden has campaigned partially on his experience as the second in command during a period when the federal government worked to dig itself out of the Great Recession and forge the ACA.
Despite weeks of attempts, we were unsuccessful in getting a response from the Biden campaign about the vice president’s platform. Nonetheless, we broke down his various proposals based on the information on the campaign’s official website.
Biden’s economic restructuring
With the nation’s economy still hurting from the pandemic, Biden is confident that he and his running mate, California Sen. Kamala Harris, can right the ship. Biden proposes he’ll do that for small business owners by helping that segment of the economy gain access to funding to start new ventures and keep existing ones afloat.
One of his proposals includes the creation of a “True Small Business Fund” that would provide $60 billion to small lenders and community banks to quickly get money into the hands of local businesses. His platform also calls for a ban on well-to-do businesses gaining access to programs like the previously run Paycheck Protection Program. When plans like that get put into place, Biden wants the terms to benefit the small business community.
Another key point of Biden’s economic plan for small businesses is a push to help businesses owned by Black, Indigenous and people of color (BIPOC) get started. It’s well documented that BIPOC-owned businesses have a difficult time securing funding from traditional lenders, and when they open, they have been closing at a rapid pace due to COVID-19, according to a working paper from the National Bureau of Economic Research. As such, Biden said he will “remove barriers to participation in our economy, expand access to opportunity, and fully enforce the policies and laws that we already have on the books.” The chief part of this proposal is the creation of a Small Business Opportunity Plan, which would provide more than $150 billion in loans and venture capital for BIPOC entrepreneurs.
How taxes would change in a Biden administration
Biden contends that Trump “rewards wealth over work,” citing the Tax Cuts and Jobs Act as a de facto tax jubilee for the rich. By contrast, Biden says his tax plan would keep taxes level for anyone making less than $400,000 a year, enact “more than one-dozen middle-class tax cuts” and raise the corporate tax rate from 21% to 28%, among other proposals. In addition, Biden’s plan would tax foreign earnings of U.S. companies and impose additional taxes on companies that outsource jobs to other countries.
Tax savings would come in the form of various tax credits for major life milestones, such as buying their first home, and ensuring no family spends more than 8.5% of their income on healthcare. Biden is also proposing up to $8,000 in tax credits for low- and middle-class families to pay for child care and an equalization of tax benefits for retirement savings between the wealthy and low- and middle-class households.
Biden’s healthcare plans
Having helped ensure the ACA’s passage in 2010, Biden is running on a promise to keep it intact. Biden’s campaign website says he plans to “build on the Affordable Care Act by giving Americans more choice, reducing health care costs, and making our health care system less complex to navigate” by creating a Medicare-esque public option. If this option is enacted, he believes all small businesses will be able to “afford coverage for their employees.”
Key takeaway: Biden’s multifaceted plan proposes more taxes for the rich and the continuation of the ACA.