Here Are the Details From President Biden's $2 Trillion Infrastructure Plan
The administration is starting to look forward to a post-pandemic world. The plan would include around $2 trillion in spending over eight years and raise the corporate tax rate to 28 percent. White House officials stated that the tax increased would help stop offshoring profits and would fund the infrastructure plan within 15 years.
These are the main details:
- $621 billion for transportation infrastructure
- $400 billion for elderly and disabled Americans
- $300 billion for clean drinking water, broadband access, and electric grid upgrades
- $300 billion for affordable housing and upgrading schools
- $580 billion for American manufacturing, research and development, and job training
President Biden hopes that the package will create manufacturing jobs and help support the crumbling, pun intended, American infrastructure. Furthermore, he hopes that clean energy sources will prevail during the process. This proposal is President Biden's second major initiative, coming not long after the $1.9 trillion stimulus package passed earlier this month.
The administration hopes the infrastructure plan will “revitalize our national imagination and put millions of Americans to work right now."
Republicans are expected to push back against the proposed corporate tax hike. In the Tax Cuts and Jobs Act of 2017, Republicans cut the tax rate from 35 percent to 21 percent. “We’re hearing the next few months might bring a so-called infrastructure proposal that may actually be a Trojan horse for massive tax hikes and other job-killing left-wing policies,” Senate Minority Leader Mitch McConnell, R-Ky., said earlier this month.
However, Republicans have voiced approval for the rebuilding of American infrastructure specifically roads, bridges, airports, and expanding broadband access so some progress could be made.