Biden outlines US$2.3t infrastructure plan
Print Edition
US President Joe Biden outlined a huge US$2.3 trillion plan on Wednesday to re-engineer the nation’s infrastructure in what he billed as “a once-in-a-generation investment in America” that would undo his predecessor’s signature legislative achievement — giant tax cuts for corporations — in the process.
Speaking at a carpenters union training center in Pittsburgh, Biden drew comparisons between his hard-hatted proposed transformation of the US economy and the space race — and promised results as grand in scale as the New Deal or Great Society programs that shaped the 20th century.
The White House says the largest chunk of the “American Jobs Plan” includes US$621 billion for roads, bridges, public transit, electric vehicle charging stations and other transportation infrastructure. The spending would push the country away from internal combustion engines that the auto industry views as increasingly antiquated technology.
An additional US$111 billion would go to replace lead water pipes and upgrade sewers. Broadband Internet would blanket the country for US$100 billion. Separately, US$100 billion would upgrade the power grid to deliver clean electricity. Homes would get retrofitted, schools modernized, workers trained and hospitals renovated under the plan, which also seeks to strengthen US manufacturing.
The new construction could keep the economy running hot, coming on the heels of Biden’s US$1.9 trillion coronavirus relief package.
Economists already estimate it could push growth above 6 percent this year.
The Democratic president’s infrastructure projects would be financed by higher corporate taxes — a trade-off that could lead to fierce resistance from the business community and thwart attempts to work with Republican lawmakers.
Biden hopes to pass an infrastructure plan by summer, which could mean relying solely on the slim Democratic majorities in the House and the Senate.
The higher corporate taxes would raise the necessary piles of money over 15 years and then reduce the deficit going forward. In doing so, Biden would undo the 2017 tax overhaul by former President Donald Trump and congressional Republicans and lift the corporate tax rate to 28 percent from the 21 percent rate.
To keep companies from shifting profits overseas to avoid taxation, a 21 percent global minimum tax would be imposed.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
