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Key Points
President Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package on Wednesday.
The plan aims to revitalize U.S. transportation infrastructure, water systems, broadband and manufacturing, among other goals.
An increase in the corporate tax rate to 28% and measures designed to prevent offshoring of profits will fund the spending, according to the White House.
President Joe Biden will unveil a more than $2 trillion infrastructure package on Wednesday as his administration shifts its focus to bolstering the post-pandemic economy.
The plan Biden will outline Wednesday will include roughly $2 trillion in spending over eight years, and would raise the corporate tax rate to 28% to fund it, an administration official told reporters Tuesday night.
The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.
The proposal would:
Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
Direct $400 billion to care for elderly and disabled Americans
Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids
Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
Invest $580 billion in American manufacturing, research and development and job training efforts
RandyMarsh
Article URL : https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-includes-corporate-tax-hike-transportation-spending.html