Biden proposes $ 2 trillion in infrastructure investment in the US and tax hike

Biden proposes $ 2 trillion in infrastructure investment in the US and tax hike
Biden proposes $ 2 trillion in infrastructure investment in the US and tax hike
In a speech in Pittsburgh, Pennsylvania, the President of the United States, Joe Biden, presented details of the proposal that mobilizes about US $ 2 trillion in investments in the country’s infrastructure, with the objective of increasing competitiveness in the face of China’s economic advance. The Democrat explained that part of the bill will be financed by increasing the tax burden, but guaranteed that no American who earns less than $ 400,000 a month will have to pay more federal taxes.

Largest round of employment promotion in the United States since World War II, according to Biden, the package will distribute resources over eight years and invest, among others, in the modernization of transportation systems, biotechnologies and internet access, as well as ports , airports and the transition to clean energy use.

According to him, the 10 most important bridges from an economic point of view will be renovated. “My plan will make the infrastructure more secure and resilient,” he assured.

The president stated that, currently, the largest economy on the planet invests less than 1% of the Gross Domestic Product (GDP) in research, harming competition with other countries.

Citing economists, he said the text, if approved, could create more than 18 million jobs, along with the $ 1.9 trillion tax package.

To help finance expenses, Biden proposes, among others, an increase in corporate tax from 21% to 28% and the creation of a global minimum tax by 21%.

These measures are expected to generate additional revenue of $ 1 trillion in a decade. “The plan is fiscally responsible and reduces debt over the long term,” he guaranteed.

The expectation is that the legislation will face resistance from Republicans, concerned about indebtedness and against high taxation.

Biden said he has already spoken to opposition leaders and that he will be open to his ideas. “Our infrastructure is in decline,” he commented.

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