Biden To Unveil $2 Trillion Package To Rebuild 'Crumbling' US Infrastructure, To Be Funded By Raising Corporate Tax To 28%

U.S President Joe Biden will today unveil another stimulus package that will plough $2 trillion into new government spending on infrastructure alongside a proposal to raise the corporate tax rate from 21% to 28% to mop up $2 trillion to fund it.

The White House provided a detailed plan of the infrastructure plan ahead of Biden's address in Pittsburg

"The American Jobs Plan will invest in America in a way we have not invested since we built the interstate highways and won the Space Race." the White House said.

"After decades of disinvestment, our roads, bridges, and water systems are crumbling. Our electric grid is vulnerable to catastrophic outages. Too many lack access to affordable, high-speed Internet and to quality housing. The past year has led to job losses and threatened economic security, eroding more than 30 years of progress in women’s labor force participation. It has unmasked the fragility of our caregiving infrastructure" the release said

Under President’s “Build Back Better” plan, around 20,000 miles of highways, roads, and main-streets will be modernised. The plan proposed to fix ten most economically significant bridges in the country in need of reconstruction. It also will repair the worst 10,000 smaller bridges, providing critical linkages to communities. The plan promises to replace thousands of buses and rail cars, repair hundreds of stations, renew airports, and expand transit and rail into new communities.

The plan seeks to build, preserve, and retrofit more than two million homes and commercial buildings, modernize our nation’s schools and child care facilities, and upgrade veterans’ hospitals and federal buildings.

Corporate Tax Increase

Alongside his American Jobs Plan, President Biden said that he will also releasing a Tax Plan to make sure corporations pay their fair share in taxes and encourage job creation at home.

Noting recent studies that found that 91 Fortune 500 companies paid $0 in federal taxes on U.S. income in 2018 and average corporation paid just percent in taxes, the statement said that President Biden believes that profitable corporations should not be able to get away with paying little or no tax by shifting jobs and profits overseas.