President Joe Biden unveiled a more than 2 trillion infrastructure package on Wednesday as his administration shifts its focus to bolstering the postpandemic economy. The plan Biden outlined Wednesday includes roughly 2 trillion in spending over eight years and would raise the corporate tax rate to 28 to fund it. Speaking at a union hall in Pittsburgh, the president called it a vision to create the strongest, most resilient, innovative economy in the world and millions of goodpaying jobs along the way.
The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.
The proposal would
Put 621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
Direct 400 billion to care for elderly and disabled Americans
Inject more than 300 billion into improving drinkingwater infrastructure, expanding broadband access and upgrading electric grids
Put more than 300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
Invest 580 billion in American manufacturing, research and development and job training efforts
The announcement kicks off Bidens second major initiative after passage of a 1.9 trillion coronavirus relief plan earlier this month. In the new move, the administration aims to approve a first proposal designed to create jobs, revamp U.S. infrastructure and…