Joe Biden Cancels Free Community College

well joe biden may have just killed free

community college in his plans which

we're going to talk about what joe biden

just said but you can still get 41 off

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october 29th here's basically what joe

biden just said at his uh news

conference or press conference he said

we rank 13th in the world with our

infrastructure and any any country that

out educates us will out compete us he

says uh his two bills the bill to back a

better plan which is the three and a

half trillion dollar social

infrastructure plan and the bipartisan

infrastructure plan the heart

infrastructure plan those uh both of

these bills are about competitiveness

versus complacency and we need to get

them done obviously hard infrastructure

plan includes dealing with things like

lead-based paint or lead-based pipes i'm

sorry roads bridges high-speed internet

getting electric school buses instead of

diesel school buses so on and so forth

something that he mentioned that was a

little bit of a surprise is he mentioned

that he doesn't know if he can get his

proposed free community college done my

plan gets us back on track

provides two years of high quality

preschool for every child in america

it also

makes investments in higher education by

increasing pell grants

i don't know if i can get it done but i

also have proposed this free community

college like you've done here in the

state of connecticut to help students

from lower income families attend

community college four-year schools

this is expected to get done under the

three and a half trillion dollar

buildback better plan agenda but we're

seeing so much pushback in congress

right now that it looks like we might

not see

the free community college get done joe

biden does mention that he wants to try

to get as much of this three and a half

trillion dollar plan done as possible he

recognizes that he's going to end up

with less

probably something between 1.5 to

2 and a half trillion dollars and

mentions that we'll circle back in next

year to try to get more we're not going

to get 3.5 trillion dollars

we'll get less than that but we're going

to get it and we're going to come back

and get the rest he's confident that

he's going to be able to get all of it

but thinks that coming back next year

before the 2022 midterm elections might

be the way to do it

there are a lot of folks skeptical on

that though there are even now

suggestions that potentially democrats

are going to go for very short-term

extensions of things like the child tax

care credit which is something that joe

biden here talked about about how in the

next two months we're going to see that

sort of monthly child tax care credit

starting in january go away you get the

second half for 2021 on your tax return

and then there won't be any monthly

anymore for 2022

which they're hoping to renew but they

might not and so their argument is hey

maybe if we just do short term

extensions six months 12 month

extensions of certain things

maybe they'll become so popular that

it'll be easier to extend them in the

future so this is a way they're trying

to get that three and a half trillion

dollar package down made it clear again

no gas tax increase no one making under

400k we'll see a tax raise with the

exception of smokers though because

their tobacco taxes coming for that plan

mentions that 55 fortune 500 companies

paid zero in taxes goes back to talking

about them paying their fair share one

of these examples of course is amazon 24

billion dollar pre-tax profit in 2020

but uh

virtually no taxes paid

and some of the reasons for that even

though their tax returns are private

we're putting together pieces of the

puzzle here some of the reasons for that

are things like losses from prior years

being carried over tax credits for

things like research and development

and write-offs for stock options

so uh now obviously the argument for

companies being able to write things off

or depreciate their investments and

taking these tax benefits is that maybe

companies if they have these tax

benefits will invest more others say

these companies would have invested

anyway and so you're seeing a push for

sort of this minimum tax he's a big fan

of pushing pell grants and extending the

child tax credit investing in

historically black colleges but again he

made it very clear

that even though he wants to get a lot

of these things done like getting

medicare expansion to the 80 000 folks

waiting to qualify for medicare or

making sure that they can get vision

dental and

hearing care

or helping the average family with two

children that spends 26 on child care

every year

or getting more of our children involved

in preschool education like the fact

that right now we've only got about half

of our three and four-year-olds enrolled

in education whereas in germany france

and the uk they're at about 90 enrolled

so he talks about some of these

priorities but mentions that he's really

going to break up his game plan over the

next two years where what you're going

to see is uh some sort of probably one

and a half to two and a half trillion

dollar package now and then a second

piece later and he's not sure if he's

going to be able to get that free

college included at all

at least based on what he mentioned in

this interview here it is uh or i should

say this was a campaign promise of his

to get free community college and so

this is obviously uh this would be a

setback to his promises if he's not able

to get free community college as

especially as we're seeing

a lot of pushback for his three and a

half trillion dollar infrastructure plan

so that gives you an update uh in terms

of what the heck joe biden just said

thank you very much for watching and

folks we'll see you in the next one

thanks again bye

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