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.
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.