Politics Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike

12:40  31 march  2021
12:40  31 march  2021 Source:   usatoday.com

Joe Biden’s coming infrastructure push, explained

  Joe Biden’s coming infrastructure push, explained Biden’s massive infrastructure plan is also a climate plan.Shortly after passing his $1.9 trillion Covid-19 relief package, President Joe Biden is preparing to unveil his “Build Back Better” plan Wednesday during a public address in Pittsburgh, Pennsylvania. The White House discussed an approximately $3 trillion infrastructure package on a call last week with Senate Democrats, but the price tag and final details are still under discussion, a person familiar with the plan told Vox.

President Biden hopes to pass a $ 2 trillion infrastructure and economic recovery package to jolt the economy after approval of a Covid relief plan . An increase in the corporate tax rate to 28% and measures designed to prevent offshoring of profits will fund the spending, according to the White House. U.S. President Joe Biden delivers an update on the administration's coronavirus disease (COVID-19) response and the state of vaccinations during an event in the South Court Auditorium at the White House in Washington, March 29, 2021.

The infrastructure proposal includes large portions of the plan Mr. Biden offered during the 2020 election, including investments that his campaign predicted would create five million new jobs , on top of restoring all the jobs lost last year during the Covid-19 crisis. The second plan is focused on what many progressives call But Republicans are united in opposition to most of the tax increases Mr. Biden has proposed . Business groups have warned that corporate tax increases would scuttle their support for an infrastructure plan . “That’s the kind of thing that can just wreck the competitiveness in a country

WASHINGTON — President Joe Biden will unveil a $2 trillion plan Wednesday to rebuild the nation's aging infrastructure, support electric vehicles and clean energy, and boost access to caregivers and their pay in a massive undertaking that would be the centerpiece of his economic agenda.

The White House is billing the proposal, dubbed the American Jobs Plan, as a domestic investment not seen in the U.S. since the construction of the interstate highways in the 1950s and the Space Race a decade later.

Biden wants to raise taxes on corporations to pay for the eight-year spending package, according to an administration official. He will propose increasing the corporate tax rate to 28% – resetting to the level before passage of President Donald Trump's tax cuts in 2017 – and overhauling how the U.S. taxes multinational corporations by increasing the minimum tax on U.S. corporations to 21%.

Joe Biden’s $2 trillion infrastructure and jobs plan, explained

  Joe Biden’s $2 trillion infrastructure and jobs plan, explained Biden’s new plan takes an expansive view of infrastructure.The bulk of Biden’s plan deals with upgrading America’s roads, bridges, and public transit, but it also takes an expansive definition of the word “infrastructure,” expanding long-term care for the elderly through Medicaid, banning exclusionary zoning, and investing in community-based violence reduction programs, among many other things.

One substantial hike that Biden campaigned on is raising the corporate tax rate to 28 per cent, from 21 per cent. Trump signed legislation dropping the rate to its present level from 35 per cent. Biden has pledged that families earning less than 0,000 would not have their taxes raised, and White House Press Secretary Proposals to boost broadband technology including in rural areas. 'Green energy' programs like investments in wind power technology. Programs to create union jobs on environmental projects. 'Human infrastructure ' programs for free community college and pre-K to follow in a second

WASHINGTON — President Biden intends to pay for the $ 2 trillion package of infrastructure spending he will propose on Wednesday with a substantial increase in corporate taxes , people briefed on the plan said Tuesday. The scale of the infrastructure program — one of Liberal lawmakers were also continuing to push for substantial spending. Representative Alexandria Ocasio-Cortez, Democrat of New York, suggested on Twitter that on the heels of the .9 trillion pandemic relief package, which allocated funds largely for 2021 and into the next two years, that .25 trillion could be insufficient.

Joe Biden wearing a suit and tie: President Joe Biden on March 25, 2021, in Washington, D.C. © Evan Vucci/AP President Joe Biden on March 25, 2021, in Washington, D.C.

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Biden will formally unveil the plan Wednesday afternoon in a speech at a carpenters training center in Pittsburgh, where he will make the case for the "urgency of the moment" to "revitalize our national imagination and put millions of Americans to work right now," the official said.

More: A gas tax? A mileage tax? Biden wary of user fees to pay for roads, bridges and highways

It will be just the first piece of Biden's larger "Build Back Better" agenda, with a separate proposal addressing health care, education and child care expected in April.

Biden faces a giant challenge politically to find Republican support in Congress for his legislative package, even as infrastructure generally has widespread bipartisan support. Republicans have balked at the suggestion of tax hikes and warned they would oppose a package that strays from core transportation infrastructure and tackles climate change and social justice.

With nods to FDR, JFK and LBJ, Biden goes big on infrastructure plan

  With nods to FDR, JFK and LBJ, Biden goes big on infrastructure plan President Biden traveled to Pittsburgh on Wednesday to introduce a $2.25 trillion infrastructure plan that, in both scope and cost, amounts to the most ambitious attempt by the federal government to refashion the nation’s economy and social fabric since at least Lyndon Johnson’s Great Society program of the 1960s. As with many of his recent proposals, Biden framed the infrastructure plan as one of a superpower seeking to regain its footing, arguing that the investments the White House has outlined — $115 billion to repair roadways, $100 billion for high-speed internet and many other modernizing initiatives — would “put us in a position to win the global competition wi

The tax hikes included in any broader infrastructure and jobs package are likely to include repealing portions of President Donald Trump’s 2017 tax law that benefit corporations and wealthy individuals, as well as making other changes to make the tax code more progressive, said the people familiar with the plan . The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private: Raising the corporate tax rate to 28% from 21%.

Joe Biden is proposing to plough $ 2 tn in government spending into US infrastructure alongside $ 2 tn in higher corporate taxes , in the first stage of a multitrillion-dollar effort to reshape the world’s largest economy. The White House released details of the plan ahead of a speech by the US president in Pittsburgh If passed, it would represent a high-stakes bet by the White House that a lasting injection of government funds in critical areas, funded by higher corporate taxes , will strengthen the economy as it emerges from the coronavirus crisis, rather than weaken it as Republicans are already charging.

$621 billion for roads, bridges, rail and electric vehicles

The American Jobs Plan would pump $621 billion into transportation infrastructure and resilience, including the repair and construction of roads, bridges, transit and rail service.

That includes modernizing 20,000 miles of roads, fixing the most "economically significant" bridges in the U.S. and repairing 10,000 smaller bridges in poor condition.

More: Biden faces tough balancing act on infrastructure as pressure builds on immigration, gun control

Federal funds for transit projects would double under the plan. Biden also wants to direct $174 billion to electric vehicles: the construction of a national network of 500,000 electric vehicle stations, replacing diesel vehicles, electrifying bus fleets and offering tax incentives and rebates to make electric cars more affordable.

Retrofitted homes, lead pipe replacement, universal broadband

Another $213 billion in the plan would go toward retrofitting and building more than 2 million affordable homes, while $111 billion would replace all the nation's lead pipes and service lines and upgrade drinking water wastewater and stormwater systems.

Biden plan spends billions to 'redress historic inequities'

  Biden plan spends billions to 'redress historic inequities' Joe Biden's $2.3 trillion infrastructure plan includes $12 billion for workforce development in underserved communities, and targets green jobs to women and people of color. President Biden is calling on Congress to also specifically target funding to workers facing some of the greatest challenges,' the plan says.All of it would move in the large $2.3 trillion package – with Senate Democratic leaders hinting they may seek to move it under new 'reconciliation' instructions to protect it from a likely GOP filibuster.

The infrastructure project will ease traffic congestion and connect communities with downtown neighborhoods (Joe Raedle/Getty Images). Axios reported Wednesday that Biden wanted to raise the corporate tax rate from 21% to 28% and bump up the top individual tax rate for people making over Biden has prioritized the major spending plan , the first half of his package, as he seizes on any early momentum he still has after pushing a .9 trillion COVID-19 relief package through Congress. The second part, which will focus on other domestic priorities, will come later next month, and will center

President Biden will unveil a $ 2 trillion infrastructure package on Wednesday as he prepares to pitch his next big-ticket agenda item. The plan will be funded by raising the corporate tax rate to 28 percent from the current level of 21 percent as well as creating a global tax on corporate earnings, a source familiar with the call confirmed to The Hill.

The plan would allocate $100 billion to upgrade and construct new public schools; $100 billion to build universal high-speed broadband infrastructure to reach all Americans; and $100 billion to upgrade the nation's electric grid and investment in clean electricity.

The plan also sets aside $18 billion to modernize Veterans Affairs hospitals and facilities and $25 billion to upgrade child care facilities.

The 'caregiving economy' and climate research

In one of the plan's most expensive programs, Biden has proposed $400 billion to expand access to affordable care for the elderly and disabled. This would involve aid to Americans to obtain services they need but lack, and expand the care workforce, including a pay boost for care workers. Most currently earn around $12 an hour.

Biden has proposed expanding access to long-term care services under Medicaid and increasing pay through the same federal program.

With a goal of making the U.S. more competitive against China and other nations, the plan would also pump $180 billion into the nation's research and development in technology and climate science. To strengthen the nation's supply chains, the proposal also would offer incentives for domestic production for critical goods as semiconductors, batteries and clean-energy technologies.

The fight to define infrastructure could change America

  The fight to define infrastructure could change America The meaning of the word "infrastructure" suddenly depends on your politics. © Evan Vucci/AP In this March 30, 2021, President Joe Biden speaks after signing the PPP Extension Act of 2021, in the Oval Office of the White House in Washington. Biden wants $2 trillion to reengineer America's infrastructure and expects the nation's corporations to pay for it.

Fully paid for in 15 years, White House says

The tax overhaul, which the White House has labeled the Made in America Tax Plan, seeks to incentivize job creation and investment in the U.S., end profit-shifting to tax havens and ensure large corporations pay "their fair share," according to the official.

The plan would eliminate a rule that allows U.S. companies to pay no taxes on the first 10% of return when they local investments in other countries.

Under the tax hikes and other reforms – eliminating tax loopholes for intellectual property and denying companies deductions for offshoring jobs, for example – the White House projects the spending would be fully paid in 15 years and reduce deficits in the years after.

The plan would target 40% of investments involving climate and clean energy to communities considered disadvantaged, according to the official.

A sweeping infrastructure plan has been talked about by both parties for years but never executed. Trump promised an infrastructure package but did not deliver one.

More: Republicans tell Buttigieg that Biden's infrastructure bill should focus on roads, rail, ports - not climate or social justice

To build their case for trillions in spending, the White House said the U.S. ranks 13th globally in infrastructure quality, down from fifth in 2002, and significantly lags rival superpower China in infrastructure spending. More than one-third of America's bridges need repairs, and one in every five highways are in poor condition.

Democrats offer competing tax ideas on Biden infrastructure

  Democrats offer competing tax ideas on Biden infrastructure Congressional Democrats are debating how they should raise taxes to finance President Biden's infrastructure plan, with minor disagreements emerging in the early stages.The White House has proposed raising the corporate tax rate from 21 percent to 28 percent and increasing taxes on U.S. companies' foreign earnings. But some Democratic lawmakers are pushing back on aspects of the tax proposals, while others have suggested ideas that diverge from the administration's plans. Reaching consensus on taxes will be among the top challenges for Democrats as they work to enact an infrastructure and jobs package in the coming months.

The Americans Jobs Plan is Biden's second major policy proposal of his young presidency after he won approval for his $1.9 trillion COVID-19 relief bill earlier this month. Not a single Republican voted for that bill, known as the American Rescue Plan.

Democrats could choose to seek passage of the infrastructure legislation in the Senate through budget reconciliation – just like they did Biden's COVID-19 relief bill – which would require just a simple majority in the evenly split chamber and therefore no Republican votes.

The White House has not said how they will pursue moving the package through Congress.

Reach Joey Garrison on Twitter @joeygarrison.

This article originally appeared on USA TODAY: Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike

What Matters: Taxes will have to go up for someone .
The US is entering a weird place where even some big money execs -- the kinds of people who usually build businesses by doing everything they can to avoid paying federal taxes -- agree the government needs to raise funds to keep things rolling. © shutterstock Now, like a family with a calculator at the kitchen table going over its bills, American policymakers and business leaders are slowly coming around to the most obvious mathematical truth: Companies will need to shell out funds if they want the government to invest in President Joe Biden's goal of bringing the nation's infrastructure up to scratch.

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