President Joe Biden is preparing to announce a large, $2 trillion infrastructure plan on Wednesday in Pittsburgh.
The plan would be mostly funded by rolling back former President Donald Trump’s corporate tax cuts. The plan would increase the corporate tax rate from 21% to 28%, a compromise from the previous 35%.
Biden’s focus area of the plans includes the following: $620 billion for transportation infrastructure like roads and bridges, $650 billion for “modernizing” public utilities such was water, broadband internet expansions, and the electrical grid, $400 billion for “care infrastructure” for elderly and disabled americans, and $580 billion for incentives to improve private sector green energy development.
The Biden administration stated that the US must make rapid infrastructure improvements in order to compete with China.
The bill set to be introduced on Wednesday will focus manly on infrastructure and the corporate tax rate change. Any individual tax rate changes would be included in a second variation of the bill likely to be introduced in May.
The second variation is expected to include proposals such as expanding paid family leave, enhanced child care, and improvements to unemployment.
The Biden administration said that they would seek to work with Republicans regarding this large package.
“Elements of this investment package are places where we have seen a lot of enthusiasm in the past to make progress,” said a senior administration official to reporters. “They’re issues that are — that have broad support among the American people, and there has been a lot of eagerness to move in Congress on them as well.”
“We thought it’s an important initiative to start the process with the President being very clear that he’s got a plan and that he’s open to hearing what others think,” continued the official. “But what he is uncompromising about is the urgency of the moment and the need to really deliver for the American people and make good on building back better in this moment.”