The U.S. President Joe Biden announced a massive $2 trillion infrastructure plan, which will, over eight years, rebuild much of America’s infrastructure, from roads and bridges to high speed internet infrastructure and water pipes. A $111 billion investment in drinking water infrastructure, including replacing all lead pipes, an outlay of $100 billion for clean power and another $100 for broadband infrastructure are parts of the plan which is once in a century investment, to modernize the U.S. Officials said that, if approved, the spending in the plan would end decades of stagnation in federal investment in research and infrastructure.”He views his role as laying out… a broad vision, a bold vision for how we can invest in America, American workers, our communities,” White House spokeswoman Jen Psaki said about President’s plan.
The legislation, called the American Jobs Plan, is being pitched by the White House as America’s response to the climate crisis. It is also an answer to the ambitions of China, To fund this, Mr Biden will reverse some of the tax cuts pushed through by the Trump administration in 2017. The plan proposes a hike in the corporate tax rate from 21% to 28% and seeks to set a global minimum tax of 21%. Is expected Republicans will make strong opposition in Congress. More, Joshua Bolten, president of Business Roundtable, which represents the interests of US companies, said he opposes corporate tax increases as a way to pay for infrastructure.The coming months will test the negotiating skills of the Democratic president, a veteran of Washington politics.