Latest President Joe Biden News
President Joe Biden revealed a proposal this week that would be a significant investment for the United States. However, Biden’s plans will do a lot to improve the nation’s infrastructure in multiple areas of the economy.
Joe Biden News: The Infrastructure Plan
The overall price tag for the improvements is slated at $2 trillion. The United States currently has the 13th-ranked infrastructure globally, which is not acceptable in Biden’s mind.
Biden is predominantly focusing on roads and bridges and major transportation centers in the United States. These improvements will make life easier for Americans and people visiting the country.
There is an issue with this plan which conservatives in the legislature have stressed. The United States spent a substantial amount of money fighting COVID-19, so these new expenditures will have to come with a significant tax hike.
Major corporations will have the prominent tax increase. The corporate tax rate will be raised to 28% under this proposal.
The Republicans cut taxes in 2017 to 21% for corporations, so this is a substantial tax increase. Biden and his team believe that the tax increase will give the government an additional $2 trillion over 15 years.
Joe Biden News: Job Creation and Financial Boosts
The infrastructure plan is going to cost $2 trillion, but it will not be a one-sided funnel. Biden’s plan projects into the creation of multiple jobs in the country. Additionally, some of the initial $2 trillion will also be dedicated to community-based care for the elderly.
This provision was added because of COVID-19. The elderly have taken a lot of hits because of the virus. Elderly care was put to the forefront in these unprecedented times, so Biden decided to take care of this risk group in the proposal.
There are four major areas that Biden’s plan is covering.
- Transportation
- Water, Internet, and Electric
- Homes, Schools, and Buildings
- Workforce and Innovation
A substantial amount of the money in the infrastructure plan will be dedicated to workforce and innovation, but the rest of the splits are relatively even.
What the Money is Going Towards
The highlight of the infrastructure plan in the transportation category is $174 billion towards investments in electric vehicles. Electric is a direction that the world is trying to move in, and this will be a massive boost to make it happen in the future.
Bridges and roads are also a significant expenditure in this category. With water, internet, and electricity, Biden is focusing on clean energy through electric grids. He also wants to remove lead pipes that are still operating in the country.
President Biden has dedicated a large portion of the money towards building affordable housing. About $213 billion is going towards this goal, and another $100 million is for school construction. The purpose of these improvements is to level the socio-economic playing field.
This is a big goal, but the infrastructure plan proposal is a great start. The final $980 billion will be put towards laborers and innovating work environments throughout the country. This plan will be resisted because of the tax hikes, but the proposal’s ideas are necessary.
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