Biden will increase the tax level to finance infrastructure plans

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– This is an investment in the US that you only make once in a generation. It is unlike anything else we have seen or done since we constructed the main roads that connect the states and the space race several decades ago, the president said in a televised speech on Wednesday.

He described the plan as the largest investment in American jobs since World War II. This will consolidate the US position at the top of the world economy, he said.

– The plan will create millions of jobs, well-paid jobs. It will create growth in the economy and make us more competitive in the world, advance our national security interests and enable us to win the global battle with China in the years to come, Biden said.

Corporation tax

He proposes to finance the infrastructure plan of 2000 billion dollars by, among other things, increasing the corporation tax from 21 to 28 percent.

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He assured that he is not opposed to wealth.

– I do not mind millionaires and billionaires. I believe in American capitalism, Biden said.

The president also said that US companies such as Amazon use loopholes to avoid paying “a single penny” in federal income tax.

– This is wrong, Biden added.

Roads, transport and climate

The plan sets out what Biden calls the “electric car revolution” by expanding a network of 500,000 electric car chargers, replacing 50,000 diesel vehicles and accelerating the transition to a greener economy that will make infrastructure more resilient to climate change.

“The US job plan will lead to transformation in the progress of tackling climate change, by making our infrastructure safer and more resilient, and seizing the incredible opportunities for American workers and farmers in a future of clean energy,” Biden said.

Biden (78) is running for re-election: – My predecessor. God, I miss him
US President Joe Biden says he expects he and Vice President Kamala Harris to run for re-election in 2024. Biden is 78 years old and the oldest president to occupy the White House. If he is re-elected, he will be 82 years old when he starts the next term.

01:23
Published:

25.03.21 — 08:34

The plan to make rebuilding the country’s infrastructure the mainstay of the president’s economic agenda includes an injection of $ 620 billion into the transport sector. This includes upgrading 32,000 kilometers of roads, repairing thousands of bridges and doubling public transport funding.

– Today I propose a plan for the country that rewards work, and that not only rewards prosperity. It builds a fair economy that gives everyone the opportunity to achieve success. It will create the strongest, most resilient and innovative economy in the world, Biden said.

Criticism from the AOC and Trump

Neither Biden’s predecessor Donald Trump nor Biden’s party colleague Alexandria Ocasio-Cortez support the president’s plan.

Ocasio-Cortez, who belongs to the progressive wing of the Democrats, believes that the infrastructure package must be much larger than what Biden proposes.

Trump, for his part, believes that increased taxes will lead to a decline in US industry.

“The proposal is one of the biggest self-inflicted economic wounds in history,” Trump said.

Large parts of the United States are characterized by worn-out infrastructure dating back to the 1950s. Many Americans want new roads, bridges, railroads, and airports. But that does not mean that Biden will be given an easy task.

Recently, Congress adopted Biden’s corona crisis package, which was also worth around $ 2,000 billion. But securing political agreement to make the infrastructure plan a reality could be a real test of Biden’s negotiation skills in the coming months.

Neither Biden’s predecessor Donald Trump nor Trump’s predecessor Barack Obama managed it. Both had made great promises about infrastructure investments, but struggled to get the plans implemented.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For further terms see here.

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