During his fifth month in office, President Joe Biden has created a $1.8 trillion proposal to make education more accessible to Americans. The American Families Plan will include free community college and universal preschool.

Although this may be a step in the right direction to ensure the education of all U.S. citizens, the plan will also bring increased taxes. However, this should only be a concern for wealthy families during the next 15 years.

Biden hopes to create a strong economy by establishing such an inclusive plan for American families. The idea followed his American Jobs Plan, which would open a plethora of job opportunities. Similarly, this would also cause tax rates to increase.

Free preschool would benefit low-income families who cannot support their child’s education due to their income. Biden believes that allowing children ages three to four years old to attend school will jumpstart their future success.

Many children entering elementary schools are unprepared for learning due to their lack of previous education. Allowing students to begin their learning process earlier may increase their chances of graduating high school. Biden’s college plan includes two years of community college for free, regardless of age and income.

It is expected that taxes will be raised from 37% to 39.6%; however, as stated before, this will only impact families in the U.S. who earn over $1 million annually as they will face double the capital gain rates. This will ensure that affluent families will not pay lower tax rates than middle-class families.

Families that earn less than $400,000 annually will not see an increase in their taxes.

Biden hopes to put an end to financial inequality and increase education in the United States by proposing this plan.