The median income for Black households in 2020 was $45,870 in 2020, according to Statista.
An example the White House gave in the framework was a pregnant woman who makes $40,000 a year. When her son is born, the woman will receive $300 of tax credits a month to help cover costs of groceries, rent and medicine. When the son becomes old enough for daycare, the government will help carry the costs of daycare, and guarantee the mother doesn’t have to pay more than 7% of her income on daycare costs. When the child turns 3, he can attend “high-quality” pre-K for free. When the son graduates high school, he’ll be able to enroll in community college thanks to extended Pell grants and investment in community colleges. The hypothetical child could get a good-paying job that’s a part of four million new jobs supported by Biden’s plan. Later in life, the hypothetical mother could receive access to affordable health care through Medicare and the son would be able to afford to help his elder mother as well.
The plan includes the biggest expansion of affordable health care in a decade by strengthening the Affordable Healthcare Act and reducing premiums for nine million Americans, closing the Medicaid gap, leading four million uninsured people to gain coverage and expanding Medicare to cover hearing benefits.
The plan will be funded by America’s wealthiest taxpayers, as no one making under $400,000 will pay more in taxes to pay for the plan. The plan will also stop rewarding corporations for shipping jobs and profits overseas.