Biden to announce up to $4 trillion infrastructure plan with massive tax hikes
On Wednesday President Joe Biden will outline his massive $3 to 4 trillion infrastructure plan, which will create four tax increases worth around $1.8 trillion, the White House revealed.
The commander-in-chief’s ”Build Back Better” proposal, a centrepiece of his post-COVID campaign message, will be split into two packages for Congress to pass.
The White House said that it will focus on infrastructure investments specifically.
the second will focus on funding domestic policy areas of Democratic concern, such as providing universal pre-kindergarten and tuition-free community college, as well as health care.
As for the taxes, Biden’s main priority will be to raise the corporate rate from 21 per cent to 28 per cent.
As per Biden’s proposal the tax will also impose on foreign organizations, increasing capital gains taxes for the wealthy, and returning to the Bush-era individual rate of 39.6 per cent for those making over $400,000.
White House press secretary Jen Psaki told, ”The President has a plan to fix the infrastructure of our country, and he has a plan to pay for it.”
The plan is almost certain to have no Republican support at first, given the price tag and their party-wide opposition to Biden’s $1.9 trillion Covid-19 relief bill.
