President Joe Biden will today unveil a $2 trillion proposal to rebuild the country’s infrastructure, confront climate change and curb wealth inequality, part of a sweeping spending package that could define the president’s economic legacy, The Guardian reported.
Biden’s plan, which he will lay out at a speech in Pittsburgh Wednesday afternoon, includes “historic and galvanizing” investments in traditional infrastructure projects such as roads, bridges and highways, as well as hundreds of billions of dollars to fortify the electricity grid, expand high-speed broadband and rebuild water systems to ensure access to clean drinking water, an administration official said on Tuesday.
Biden will propose paying for the new spending with a substantial increase on corporate taxes including a rise in the corporate tax rate to 28% from 21% and measures to force multinational corporations to pay more taxes in the U.S. on profits earned abroad. The tax plan would unwind major pieces of Donald Trump’s tax-cut law, which lowered the corporate tax rate from 35% to 21%.
Timely, incisive articles delivered directly to your inbox.