We’re another day closer to the 2020 election. Joe Biden is borrowing a page out of Bernie Sanders’ playbook. That’s easy to do when he’s at home recovering from a heart attack. Biden chose now as the time to present to the voters his $750 billion education plan called “Education Beyond High School.” This plan would eliminate a tax loophole the wealthy use that caps itemized deductions. He will take that extra money and put it towards education.
Education would include investing money towards improving community colleges, helping workplace training programs, and so much more. By training workers, it gives them a leg-up on finding better work. A lot of jobs require specific training and experience, so Biden hopes to provide that.
Still, we once again hear a Democrat say that the super-rich need to pay their fair share. No more tax loopholes! This particular tax loophole allows the rich to buy/sell a stock or capital asset without paying a tax on it. It allows for more investment in the economy. Biden hopes to remove the loophole so there’s money to go towards his entitlement package.
This was also an idea President Obama had in 2015. He proposed removing the loophole, but decided against it. The Tax Cuts and Jobs Acts went far in helping to double the number of deductions a person can claim. There was a cap placed on certain state and local deductions of $10,000. That hurt states where taxes are much higher.
Helping Americans Find Work through Education
Biden is less of a socialist than most of the candidates running. His ideas are closer to center. He says that workers who don’t go to college suffer the most. Twelve years of general education presents far less opportunities than they used to. Our economy and way of life is becoming more technologically centered. That means jobs in these sectors are growing rapidly.
While they’re growing at a fast pace, there aren’t enough qualified workers to take on this field. Biden hopes his $750 billion investment to help train Americans will go a long way in helping more people find better paying jobs across the spectrum. The cost of getting a college education is in the way as well.
That’s why this program would also make the first two years free for anyone who wants to go to a community college. A two-year degree is much better than having no skills outside of high school. Still, you don’t need a degree, but some type of training or trade education will go a long way in securing one’s future.
