United States President Joe Biden is set to unveil a USD 2.25 Trillion US infrastructure plan on Wednesday, paid for by tax hikes on businesses, that includes boosting the country’s ageing infrastructure and fighting climate change.
The eight-year plan will be undertaken in four parts which will dedicate USD 620 billion for transportation including a doubling in federal funding for public transit. Another USD 650 billion will be spent on providing clean water and high-speed broadband to improve quality of life at home.
Moreover, USD 580 billion will be used to strengthen manufacturing capabilities in the United States and more than USD 400 billion to improve health care for elderly and people with disabilities.
The four-part plan will increase corporate income tax to 28% from 21% and a minimum tax of 21% on global corporate earnings.
However, he would need support from Republicans to pass it through Congress, both Houses have a narrow Democrats majority.