President Biden will outline his massive $3 to 4 trillion infrastructure plan Wednesday, 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 centerpiece of his post-COVID campaign message, will be split into two packages for Congress to pass.
The first, the White House said, 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.
Billions will also be put toward care for the elderly and disabled, as well as housing infrastructure and manufacturing.
As for how to pay for the plan, Biden’s main priority will be to raise the corporate rate from 21 percent to 28 percent.
In addition, Biden’s proposal would impose a global minimum tax on profits from foreign organizations, increasing capital gains taxes for the wealthy, and returning to the Bush-era individual rate of 39.6 percent for those making over $400,000.
“The president has a plan to fix the infrastructure of our country,” White House press secretary Jen Psaki told reporters, “And he has a plan to pay for it.”
Psaki was asked for more details on the proposal at Tuesday’s briefing, specifically whether the plan included “shovel-ready projects that could get underway” immediately or focused on longer-term efforts.
“The speech tomorrow is about making an investment in America, not just modernizing our roads or railways or bridges, but building an infrastructure of the future,” the White House press secretary began.
“So some of it is certainly infrastructure-shovel-ready projects, some of it is how do we expand broadband access, some of it is ensuring that we are addressing the needs in people’s homes and communities,” she continued, adding that Biden had “a range of components” he planned to address in his speech.
Asked about raising individual tax rates, Psaki replied that the president “thinks it’s the responsible thing to do to propose a way to pay for that over time, and he also believes that there’s more that can be done to make the corporate tax code fair.”
“He believes that there’s more that can be done,” she continued, “to reward work not wealth, to ensure that we can invest in the future industries that are going to help all people in this country.”
The plan is almost certain to have no Republican…
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