Press "Enter" to skip to content

President Joe Biden revealed his $2 trillion infrastructure plan

The 46th US President Joe Biden revealed about a $2 trillion infrastructure package as his administration shifts its focus to support the post-pandemic economy. The proposal includesroughly $2 trillion in spending over eight years. It would raise the corporate tax rate to 28% to fund it.

The tax hike, combined with measures designed to stop the offshoring of profits, would fund the infrastructure plan within 15 years. This is the second major initiative of president Joe Biden after passing the $1.9 trillion coronavirus relief plan. In the new proposal, the administration aims to approve a first proposal designed to create jobs, redesign U.S. infrastructure, and fight climate change. The second plan is to improve education and expand paid leave and health-care coverage.

As a response to the tax hike criticism president, Joe Biden responded that he would not increase the burden on anyone making less than $400,000 per year. He said he did not aim to punish the wealthy.The first plan aims to revamp 20,000 miles of roads and highways and repair 10,000 bridges. The proposal calls to build a national network of 500,000 electric vehicle chargers by 2030 and replace 50,000 diesel public transit vehicles. The administration hopes to build or rehabilitate 500,000 homes for low- and middle-income Americans and replace all lead pipes in drinking-water systems. The plan also aims to deliver universal, affordable broadband service.

Democrats will have two more shots at budget reconciliation before the 2022 midterms. Schumer hopes to persuade the chamber’s parliamentarian to allow Democrats to use the process at least once more beyond those two opportunities. The party passed its $1.9 trillion coronavirus relief package without a Republican vote.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *