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Joe Biden proposals included an investment of USD 621 billion into transportation infrastructures
US President Joe Biden unveiled a USD 2 trillion package to upgrade and overhaul American physical infrastructure on Wednesday (local time).
He promised that his transformational plan would create the “most resilient innovative economy in the world”, The New York Times reported. “It is not a plan that tinkers around the edges,” Biden said. “It is a once-in-a-generation investment in America. Unlike anything we have seen or done, since we built the interstate highway system and the space race decades ago. In fact, the largest American jobs investment since World War II,” he added.
Biden appeared at a carpenters training centre outside Pittsburgh to unveil his USD 2 trillion infrastructure plan, a far-reaching proposal that he will seek to pay for with a substantial increase in corporate taxes.
The measure, called the American Jobs Plan, is the first step in a two-part agenda to overhaul American capitalism, fight climate change and try to improve the productivity of the economy. He said the second step, the American Family Plan, would come in a matter of weeks.
Biden’s proposals include raising the corporate tax rate to 28 per cent from 21 per cent and efforts to force multinational corporations to pay significantly more in tax to the United States on profits they earn and book overseas.
His proposals also included an investment of USD 621 billion into transportation infrastructures such as bridges, roads, public transit, ports, airports and electric vehicle development.
USD 400 billion from the plan have been located to care for elderly and disabled Americans. Biden has decided to inject more than USD 300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids.
The new plan comes on top of the USD 1.9 trillion stimulus plan Biden signed into law in March.