President-elect Joe Biden on January 14 proposed a $1.9 trillion emergency legislative package (the American Rescue Plan) to fund COVID-19 vaccinations, provide increased direct relief to individuals, and support communities. Biden said the proposal is the first step in a two-part plan that is needed immediately and will be followed by an economic recovery plan -- the Build Back Better Recovery Plan -- that he will outline in February.
Biden's pandemic rescue plan proposes to extend and expand emergency paid sick and family leave requirements that were enacted in 2020. The president-elect's Build Back Better Recovery Plan is expected to include increases in tax rates for corporations and high-income individuals, international tax law changes, and other revenue-raising measures that he proposed during his presidential campaign.
