The White House is comparing President Joe Biden’s infrastructure proposal to the construction of interstate highways and the Space Race.
WASHINGTON- President Joe Biden will launch 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, designated, 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 Officials. He will proffer increasing the corporate tax rate to 28% – resetting to the level before passage of President Donald Trump’s tax cuts in 2017 – and to modernize how the U.S. taxes multinational corporations by increasing the minimum tax on U.S. corporations to 21%.
In”Biden will formally disclosed the plan on 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.
Biden faces a man mountain summons 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.
The Americans Jobs Plan is Biden’s second major policy proposal of his short time 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 decide on to look for 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 go after moving the package through Congress.