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Politics Biden unveils the first $2 trillion of his colossal 2-part infrastructure plan

00:15  01 april  2021
00:15  01 april  2021 Source:   businessinsider.com

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

  Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike The White House is comparing President Joe Biden's infrastructure proposal to the construction of interstate highways and the Space Race.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.

Joe Biden wearing a suit and tie standing in front of a flag: President Joe Biden in the East Room of the White House. AP Photo/Evan Vucci © AP Photo/Evan Vucci President Joe Biden in the East Room of the White House. AP Photo/Evan Vucci
  • Biden has unveiled the first part of his up to $4 trillion plan to overhaul the American economy.
  • The package announced today, called the American Jobs Plan, will cost around $2 trillion.
  • The bill features substantial investments in transportation, broadband, and care workers.
  • See more stories on Insider's business page.

President Joe Biden introduced a $2 trillion package that will form the first part of a likely $4 trillion infrastructure plan on Wednesday, a colossal measure aimed at overhauling the US economy, strengthening its competitiveness abroad, and leveling the playing field for the American middle class.

AOC leads left's claim $2 trillion infrastructure bill is NOT enough

  AOC leads left's claim $2 trillion infrastructure bill is NOT enough WASHINGTON (AP) - President Joe Biden wants $2 trillion to reengineer America´s infrastructure and expects the nation´s corporations to pay for it.The'This is not nearly enough,' Ocasio-Cortez lamented on Twitter.

"Now it's time to rebuild," Biden said during his announcement, adding: "Wall Street didn't build this country. You, the great middle class, built this country, and unions built the middle class."

The plan is split into two parts; the first part is called the American Jobs Plan. It will feature federal spending to upgrade aging roads, bridges, and ports, along with climate-related measures to drastically cut carbon emissions. It invests in clean-energy projects, rural broadband, and affordable housing. It will also funnel funding towards caretakers for the elderly and disabled.

Biden called it a "once-in-a-generation investment in America" unlike anything since the 1950s-era building of the Interstate or the 1960s-era Space Race.

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.

"It's big, yes. It's bold, yes. And we can get it done," he added.

Spending for the package will take place over eight years, and breaks down into investments in transportation, water, broadband and power, housing and education, research and development, and manufacturing and labor.

The package will also contain an accompanying tax hike for corporations. The Made In America Tax Plan will raise the corporate tax to 28%, strengthen the global minimum tax to 21%, and provide tax credits for companies that will onshore jobs, instead of those who move them offshore. It would also provide more resources to the Internal Revenue Service.

Overall, the tax increase is meant to completely offset the cost of the package over 15 years.

A wide swath of Senate Democrats appear ready to sign on for another round of substantial government spending, although some progressives have already said it's not large enough.

'Child care is infrastructure': Democrats mocked for expanded definition beyond roads and bridges

  'Child care is infrastructure': Democrats mocked for expanded definition beyond roads and bridges Arguments from Democrats in favor of an expanded definition of infrastructure as it relates to President Joe Biden's $2 trillion American Jobs Plan, widely described as an infrastructure package, reached a new level on Wednesday. © Provided by Washington Examiner "Paid leave is infrastructure. Child care is infrastructure. Caregiving is infrastructure," New York Sen. Kirsten Gillibrand said in a tweet. Paid leave is infrastructure.Child care is infrastructure.Caregiving is infrastructure.

However, Republicans have made clear they will likely oppose any tax hikes to finance major chunks of the project.

The second part, the American Families Plan, to be announced in mid-April, will be geared towards social infrastructure, especially areas like childcare and education. That will likely include measures like universal pre-K, free community college, an extension of periodic cash payments for parents, and a national paid leave program.

Around 2 million women dropped out of the workforce over the past year because of the pandemic. Biden's push is also aimed at reducing barriers to make it easier for women and people of color to find work as the economy recovers.

Read the original article on Business Insider

Mitch McConnell slams Biden's $2 trillion infrastructure plan as 'a major missed opportunity' .
Senate Minority Leader McConnell said Biden's plan focuses on "far-left" priorities such as pro-union policies, and only 6% goes to roads and bridges.Calling it "a major missed opportunity," Senate Minority Leader Mitch McConnell said the bill focuses less on physical infrastructure and more on catering to Democrats' agendas.

usr: 1
This is interesting!