U.S. President Joe Biden will unveil on Wednesday a $2.25-trillion infrastructure plan that will provide a guide for the next eight years, according to Bloomberg.
- The four-part plan allocates $620 billion for transportation, including a doubling in funding for public transit.
- Some $650 billion will be spent for initiatives tied to improving the quality of life at home such as clean water and high-speed broadband.
- A total of $580 billion is earmarked to boost American manufacturing, including $180 billion for the U.S.’ biggest non-defense research and development program on record.
- Around $400 billion will be to address improved care for the elderly and people with disabilities.
- The plan will be paid for by tax hikes on business for the next 15 years, as it will increase the corporate income tax to 28% from 21%, and set a 21% minimum tax on global corporate earnings.
- The proposal faces a rough road in Congress, as garnering Republican support will be difficult. Corralling moderate and progressive Democrats will likewise be a challenge.
XTB
