Biden speech: Key takeaways from his $1.8 trillion 'American Families Plan'

Key takeaways from Biden's $1.8 trillion 'American Families Plan' that includes universal pre-K for 3 and 4-year-olds and two years of government-paid community college.

President Joe Biden will lay out the contours of his latest ambitious legislative proposal -- his "American Families Plan" -- in his address Wednesday night to a joint session of Congress, calling on lawmakers to pass what the White House is calling "a once-in-a-generation investment in our nation's future." The $1.8 trillion plan would create universal pre-K for 3- and 4-year-olds, and fund two years of free universal community college. The plan would cap how much low and middle-income Americans must spend on child care, extend Affordable Care Act tax credits and expand paid leave. Spending on the new programs account for $1 trillion of the price tag, while $800 billion would go to tax cuts for middle and lower income Americans. "The American Families Plan invests in our children and our families, helping families cover the expenses that so many struggle with now, lowering health insurance premiums, cutting child poverty and producing a larger, more productive, and healthier workforce in the years ahead," a senior administration official said on a call with reporters. To pay for it, the White House proposes raising taxes on the wealthiest Americans and wealthy investors. The plan would increase tax audits for the wealthy and increase the capital gains tax for households making over $1 million.