Biden Likely to Visit Swing States to Promote Policies After Congressional Speech on the 28th

President Joe Biden of the United States
Photo by EPA Yonhap News Agency

[Asia Economy Reporter Byunghee Park] U.S. President Joe Biden will visit the states of Georgia and Philadelphia consecutively after delivering a joint session address to Congress on the 28th (local time).

It is interpreted that after announcing the second infrastructure bill, the 'American Family Plan Act,' and tax increase measures during the congressional speech, he intends to promote policies in swing states. Georgia and Philadelphia supported the Republican Party in the 2016 presidential election but voted for the Democratic Party in last year's election.

According to Bloomberg on the 27th, President Biden will deliver a joint session address to Congress on the 28th. White House Press Secretary Jen Psaki announced on the 23rd that President Biden would reveal details about the job plan and the American Family Plan Act during the joint session address.

The newly unveiled relief plan, the American Family Plan Act, is estimated to be worth about $1 trillion. Given the series of large-scale fiscal investment plans, President Biden plans to finance them through tax increases.

In this regard, there are projections that the capital gains tax rate for high-income earners will be raised from the current 20% to 39.6%, nearly double. The taxable group is expected to be high-income earners with annual incomes exceeding $1 million.

Brian Deese, Chair of the White House National Economic Council, officially confirmed on the 27th during a briefing that high-income earners with annual incomes over $1 million will be subject to taxation. Deese stated that President Biden's new proposal will affect taxpayers earning over $1 million annually, approximately 0.3% of taxpayers, or 500,000 households.

Deese did not clarify whether the tax applies to individuals earning over $1 million annually or couples with combined incomes over $1 million, but Bloomberg expects both individuals and couples to be subject to the tax.

After the speech, President Biden will head to Atlanta, Georgia, on the 29th, the day after the address. In Atlanta, President Biden will hold a 100-day inauguration commemorative car parade. Then, on the 30th, he will visit Philadelphia, Pennsylvania.

Bloomberg reported that not only Biden but also key figures of the Biden administration, including Vice President Kamala Harris, will visit about ten states from the 29th to promote policies.

Vice President Harris will visit Baltimore, Maryland, on the 29th and Ohio on the 30th. Harris's husband, the 'Second Gentleman' Douglas Emhoff, will visit North Carolina on the 30th, with additional schedules planned for the following week.

This content was produced with the assistance of AI translation services.