US President Biden on Wednesday (March 31) proposed an infrastructure plan worth about US$2 trillion. He said that the plan will create millions of Employment opportunities, and revitalize the US economy, helping the United States compete with China.
The eight-year plan is part of the Biden-Harris administration’s “Build Back Better” plan.
Biden made the above announcement when he visited Pittsburgh, Pennsylvania, and gave a speech.
He said: “This is the largest investment in American jobs since World War II. It will create millions of well-paid jobs.”
He also emphasized that the reconstruction of the US infrastructure cannot be delayed any longer.
In the plan, US$621 billion will be used to renovate 32,000 miles of roads and highways, repair thousands of bridges, rebuild transportation infrastructure such as ports, and promote the conversion to electric vehicles. Measures include construction National electric vehicle charging network, etc. Approximately US$300 billion will be used to build housing and schools, US$580 billion will be used to revitalize manufacturing and employment training, etc., and more than US$300 billion will be allocated to improve drinking water infrastructure and construction National broadband network and power grid, etc., 400 billion U.S. dollars are used to care for the elderly and disabled people.
In order to cover the cost of the plan, the Biden government plans to increase the corporate tax rate from 21% to 28% within 15 years, and increase the global minimum tax rate for multinational companies to a minimum of 21%. The Republican Party generally supports infrastructure, but opposes tax increases. It is expected that the plan will encounter resistance in Congress.
Biden plans to announce the second draft of the revitalization plan next month. It will propose expanding medical insurance and child-related tax relief. The combined scale of the two plans exceeds US$4 trillion.