President intends to finance his initiatives by raising taxes, a move Republicans object to
U.S. President Joe Biden is visiting Pittsburgh, Pennsylvania, on Wednesday to unveil his $2 trillion infrastructure plan.
A senior administration official said Tuesday that the projects will last about eight years.
“These are investments that will have a big impact. According to experts, they will address deficiencies and improve economic efficiency,” the source said. – And we are convinced that the country cannot afford not to make these investments.”
Biden proposes funding infrastructure projects through tax changes for corporations, including raising the corporate tax rate from 21 percent to 28 percent.
White House press secretary Jen Psaki said Tuesday that the administration is willing to consider different ideas on how to fund the package, but concerns about the state of the nation’s infrastructure are shared on all flanks of the political spectrum.
Republicans in Congress have expressed opposition to Biden’s plan to raise taxes, saying it would hurt American workers, slow economic growth and make American companies less competitive in the global marketplace.
A senior administration official who provided an overview of the plan before Biden’s speech said one of the initiative’s main goals is to “make the infrastructure of the future more climate-resilient” through measures such as converting bus fleets to electric engines and making electric cars more affordable for drivers.
The source also revealed that Biden wants to remove all lead pipes from the drinking water supply and expand broadband Internet access.
Another part of the plan focuses on research and development in sectors such as batteries and semiconductors, as well as professional training for these industries.
A White House press release notes that the plan will “create millions of good jobs, rebuild infrastructure, and put the country in a position to overtake China.”
Among other things, the plan includes repairing highways and bridges, modernizing ports, airports and transportation systems, upgrading electrical grids, building and repairing residential and commercial buildings, upgrading schools and preschools, and improving veterans’ hospitals.