President Joe Biden revealed his third and final piece to his "Build Back Better" series of proposals to overhaul the U.S. economy. The new plan, called the American Families Plan, seeks $1 trillion in spending on programs and $800 billion in tax cuts and credits.

The first part of Biden's proposals, the American Rescue Plan, was an emergency pandemic aid bill that focused to direct financial aid to individuals and state and local governments, while also funding to support the nation vaccine rollout. The second, the American Jobs Plan, was billed as an infrastructure package and seeks to reinforce physical infrastures, and establish new national infrastructures that include broadband internet and electric vehicle charging stations. The former passed without a Republican vote in Congress, while the latter has yet to be voted on.

"The American Jobs Plan and the American Families Plan are once-in-a-generation investments in our nation's future. The American Jobs Plan will create millions of good jobs, rebuild our country's physical infrastructure and workforce, and spark innovation and manufacturing here at home," the Biden administration said in a fact sheet outlining the plan.

"The American Families Plan is an investment in our children and our families - helping families cover the basic expenses that so many struggle with now, lowering health insurance premiums, and continuing the American Rescue Plan's historic reductions in child poverty. Together, these plans reinvest in the future of the American economy and American workers, and will help us out-compete China and other countries around the world."

Here's what the American Families Plan calls for spending:

• $225 billion to establish a nation partnership with states to offer high-quality child-care and a sliding scale payments program to ensure that families only pay a portion of their income for the service

• $225 billion toward the creation of a national paid family and medical leave program

• $200 billion to establish free, universal preschool for all 3 and 4 year old though a national partnership with states

• $200 billion to make the American Rescue Plan's provision on lowering health insurance premiums for those who purchase it off the nation's marketplace permanent

• $109 billion towards two years of free community college that benefits all students

• Roughly $85 billion towards Pell Grants--a financial aid program for students from low-income families--and increase the maximum award to about $1,400

• $62 billion to establish a grant program to benefit college retention and completion rates

• $45 billion to benefit childhood food programs, including expanding access to the summer EBT program to help low-income families buy food outside of the school year

• $39 billion to create a program that gives two year of subsidized tuition to students from families earning less than $125,000 enrolled in a four-year historically Black college or university, tribal college or university, or other minority-serving institution

• Extending the American Rescue Plan's child tax credit expansion through 2025, while making the recent child and dependent tax credit permanent

• Making the earned income tax credits for childless worker permanent

• Increase the top income tax rate to 39.6%

• Close tax loopholes and increase audits by the Internal Revenue Service

• Raise taxes on capital gains to 39.6% for households making more than $1 million in returns