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Curtis “50 Cent” Jackson encouraged followers to vote for Donald Trump because of Joe Biden’s plan to raise taxes on income earned over $400,000.
He clearly doesn’t understand how America’s tax system works. And regardless, Biden won the election. For the rest of us who aren’t millionaires, though, how WILL Biden’s economic policies affect us? Here’s how.
First, not much is likely to change if Democrats don’t pick up both of Georgia’s Senate seats. If Republicans continue to control the Senate, leader Mitch McConnell has made it clear he will block every Democratic-led policy initiative he can.
Another COVID-19 stimulus package could be in the works, though, especially if Democrats can get a couple Republicans – who want a cheaper, limited bill – to compromise. Biden supports a comprehensive bill that will provide unemployment bonuses, stimulus checks, and more.
Biden and Democrats plan to raise taxes on the rich and on corporations, and spend that money on social programs, COVID-19 relief, and other efforts to help low-income and other marginalized people like small business loans and housing.
Biden’s Climate Change plan is similar to the Green New Deal. It includes spending on infrastructure and jobs related to green energy and sustainability, which could mean thousands of new jobs and financial support for communities that will be hard-hit by climate change – frequently low-income Black communities!