PITTSBURGH, PA. – President Joe Biden shared his economic vision for the future and his administration’s plan to “rebuild better” on Wednesday. The Democratic leader revealed a persistent transformation in the US economy.
“Today I propose a plan for the nation that rewards work, not just building prosperity, but a fairer economy, one that gives everyone a chance to succeed, and that creates the strongest, most resilient and innovative economy in the world. ”
SEE NOTES FROM BIDES BELOW:
During his speech, Biden said he wanted $ 2 trillion to help reshape the nation’s infrastructure
Biden said his American employment plan was the largest American employment investment since World War II.
“It will create millions of jobs, well-paying jobs. It will grow the economy, make us more competitive globally, advance our national security interests, and enable us to compete globally with China,” said Biden.
Biden’s plan provides $ 621 billion for roads, bridges, and transportation infrastructure.
In particular, Biden says the plan would modernize 20,000 miles of highways, roads, and major roads. It would repair 10,000 bridges that are in dire need of upgrading. And it would replace 100% of the country’s lead pipes and service lines.
The government says the plan would also move the country away from fossil fuels to purify energy, upgrade schools and childcare facilities, revitalize manufacturing, and create quality jobs.
“What I’m proposing is a one-time capital investment of approximately $ 2 trillion in America’s future over an eight-year period. It will generate historic employment growth and historic economic growth, help companies compete internationally and generate more revenue. “
Biden said he wants the nation’s businesses to pay for the expansive plan.
“It’s time to build our economy bottom-up and center-out, not top-down. That didn’t work very well, ”said Biden.
The plan would be funded, among other things, by increasing the corporate tax rate from 21% to 28%. He says that just one tax hike over 15 years would generate $ 1 trillion in additional revenue.
“No one earning less than $ 400,000 is going to see federal taxes rise. This is not about punishing anyone. I have nothing against millionaires and billionaires. I want everyone to be fine, ”said Biden.
However, the corporate tax hike could generate stiff business opposition and thwart attempts to collaborate with Republican lawmakers. Even so, Biden said he was open to working with Republicans who have different ideas about improving the national infrastructure.
“I’ll take Republicans to the Oval Office, listen to what they have to say, and be open to other ideas. We will deal in good faith with any Republican who wants to help. But we have to make it, ”said Biden.