President Biden To Discuss Details On Infrastructure Plan This Afternoon

Today, President Biden is expected to provide details on his proposal to revamp the nations infrastructure. According to the White House, the ‘American Jobs Plan’ is a ‘once in a century capital investment’ in U.S. infrastructure that will create ‘millions’ of good paying jobs and position America to out-compete China by spending about 1% of GDP per year over the course of 8 years. The plan is to spend $2 trillion over the course of a decade. Included in the plan is modernizing 20,000 miles of highway, repairing 10,000 small bridges and 10 economically significant bridges, eliminating all led pipes in drinking water systems, expanding access to high-speed broadband, modernizing schools and upgrading veteran’s hospitals.

The plan also hopes to create better paying jobs and allocate $100 billion to workforce development programs for underserved groups and students. Biden also proposed the ‘Made in America Tax Plan’ which will raise corporate tax rates to 28 percent from 21. It will also increase the minimum tax on multinational corporations. The changes will raise $2 trillion over the next 15 years.