Vice News, a news website that focuses on the intersection of business, politics and culture, reports that the White House will announce the “major tax cuts” that will help boost the economy and provide stimulus to the country.
The announcement will be made by Vice President Joe Biden on Wednesday, the website said.
The president will also announce the release of $1.3 trillion in stimulus funding, the site said.
“President Biden will announce that the U.S. economy will expand at a faster pace than it has in nearly five years and the unemployment rate will drop by more than one million people,” the site added.
The vice president will address a joint session of Congress on Wednesday afternoon.
The Associated Press reported that Biden will also “launch a new $500 billion stimulus package for the economy” that includes $500 million in new tax breaks.
“President Biden is also going to announce that his administration will expand the Earned Income Tax Credit and the child tax credit to millions of Americans,” Vice President Biden told the joint session.
The AP also said Biden will propose $2 trillion in tax relief for middle-class families, $200 billion in tax cuts for businesses and $350 billion in “stimulus measures” that include $1 billion in new stimulus funding.
Vice President Biden, who will be inaugurated on Wednesday morning, is the first sitting president to attend a joint congress since Jimmy Carter in 1981.
Vice Pres Joe Biden speaks at the National Governors Association (NGA) annual meeting in Charlotte, North Carolina, January 31, 2021.
President Joe Biden delivers remarks at the inaugural Congressional Black Caucus (CBC) Conference in Washington, D.C., February 2, 2021.(Reuters photo: Yuri Gripas)The Associated Press’ report comes on the heels of Biden’s decision to not attend the White Congress ceremony on Tuesday because of his health.
Biden will be sworn in as president on Wednesday.
A White House official told the AP that Biden would attend the inauguration.