Biden will reveal his proposal to revamp the nation’s infrastructure and detail a revenue-raising plan aiming to ensure the nation’s largest corporations are paying their fair share in taxes, according to Fox Business.
The bill, named The American Jobs Plan is a “once-in-a-century capital investment” that will supposedly create “millions” of good-paying jobs and will place America in a position to “out-compete” China.
The American Jobs Plan is estimated to spend $2 trillion over the course of the coming decade.
Among the key point to the plan are to modernizing 20,000 miles of highway, repairing 10,000 small bridges and 10 economically significant bridges, and eliminate all lead pipes in drinking water systems.
The plan is projected to expanding access to high-speed broadband, modernizing schools, and upgrading veteran’s hospitals.
It will also create better-paying jobs for care workers and allocate $100 billion to workforce development programs.
“Policymakers should avoid creating new barriers to job creation and economic growth, particularly during the recovery,” Business Roundtable President and CEO Joshua Bolten said
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Overall, the administration intends to spend around $650 billion on revamping bridges and roads, $300 billion on housing infrastructure, $300 billion on reviving U.S. manufacturing, $400 billion on care for the elderly and disabled, $400 billion on clean-energy credits, as well as an unspecified amount on broadband, water systems and other measures.
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In order to pay for this legislation, Biden also proposed what he has called the Made in America Tax Plan, which would raise the corporate tax rate to 28% from 21%. It would also increase the minimum tax on multinational corporations to 21% and “calculate it on a country-by-country basis so it hits profits in tax havens,” alongside several other efforts to eliminate perceived loopholes in the corporate tax code.
Those changes, the White House said, will raise $2 trillion over 15 years – paying off the initial investment in the infrastructure plan and reducing deficits thereafter.
On Tuesday night, the Business Roundtable said it would oppose any effort to raise the corporate tax rate to fund the legislation – though it supports the overall idea of investing in the nation’s infrastructure.