Biden can be unveiling a multi-trillion greenback infrastructure plan in Pittsburgh subsequent week
President Biden discusses his upcoming infrastructure plan in his first press conference.
President Biden said Thursday he would travel to Pittsburgh next week to reveal details of his multi-billion dollar infrastructure bill, a comprehensive move that is expected to include funding for roads and bridges, as well as addressing issues such as climate change and income inequality.
“The next big initiative is – and I will announce it in detail in Pittsburgh on Friday – to rebuild the infrastructure, both physical and technological, of this country so that we can compete and create a significant number of really well-paying jobs.” Biden said during his first official press conference at the White House.
White House press secretary Jen Psaski said Wednesday that Biden would provide more details on the proposal in Pittsburgh on Wednesday, March 31st.
YELLEN SAYS higher taxes will be needed in the long run to fund US spending
The specific outlines of the next big ticket spending package are still unclear, but the move is widely expected to include a number of tax increases, including an increase in the corporate tax rate from 21% to 28% and an increase in the income tax rate for those earning more than $ 400,000, increase the estate tax, create a higher tax rate on investment income for those earning $ 1 million or more annually, and reduce tax preferences for pass-through companies.
An analysis of Biden’s tax plan conducted by the Tax Policy Center found that $ 2.1 trillion in new revenue could be generated over a decade.
BIDEN WANTS TO INCREASE TAXES ON AMERICANS WHO GOT RICH DURING THE PANDEMIC
The measure could cost over $ 3 trillion, according to the Wall Street Journal. The White House is expected to split the legislative effort into two main components: one focused primarily on investments in infrastructure and clean energy, and a second on issues such as childcare and universal pre-kindergarten.
The tax increases are expected to be similarly split; The infrastructure portion of the bill would be funded through corporate taxation, including increasing the corporate tax rate to 28%, increasing the minimum tax paid globally from around 13% to 21%, ending federal subsidies for fossil fuel companies, and obliging multinationals to Payment The US tax rate, rather than the lower tax rates of foreign subsidiaries, the Washington Post reported on Monday.
President Joe Biden speaks during a press conference in the East Room of the White House on Thursday, March 25, 2021 in Washington. (AP Photo / Evan Vucci) ((AP Photo / Evan Vucci))
The second piece of legislation, which focuses on domestic priorities, would mean increasing the highest income tax rate from 37% to 39.6%, increasing taxes on wealthy investors, and capping the deductions wealthy taxpayers can make annually , paid, reported the Post.
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The proposals largely reflect what Biden fought for in the 2020 election. He has repeatedly said that the tax hikes will have no impact on Americans who earn less than $ 400,000 a year.
But the tax proposals are almost certain to spark criticism from Republicans, as well as some moderate Democrats, who are wary of raising tax rates while the economy is still recovering from the coronavirus pandemic.
Senate Minority Chairman Mitch McConnell, R-Ky., Said last week there would be no bipartisan support for such a move, and the Chamber of Commerce has warned that increasing the corporate tax rate “will make the United States a less attractive place to be.” would “invest profits and find corporate headquarters. “
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The infrastructure bill comes just weeks after Biden signed the US $ 1.9 trillion bailout plan. Congress had already approved nearly $ 4 trillion in coronavirus relief efforts under former President Donald Trump, raising the fiscal 2020 deficit to a record $ 3.1 trillion – excluding the $ 900 approved in December. Billion Dollar Aid Package Legislators.
National debt is projected to hit $ 30 trillion by the end of the year.