President Biden announced his expected infrastructure plan, dubbed The American Jobs Plan, and the White House has released a fact sheet of what they want in the coming legislation.
President Biden unveiled a $2 trillion jobs and infrastructure plan Wednesday to address some of the country’s most pressing problems, including damaged bridges, unequal broadband access, climate change and care for people with disabilities and the elderly.
Biden’s proposal, the American Jobs Plan, would be paid for, in part, by raising the corporate tax rate and global minimum tax. Many of these measures would reverse the Trump administration’s 2017 tax cuts.
White House unveils $2 trillion infrastructure and climate plan, setting up giant battle over size and cost of government
The proposal comes just a few weeks after Biden’s $1.9 trillion coronavirus relief package was signed into law, sending $1,400 stimulus checks to most Americans and extending unemployment benefits.
The American Jobs Plan is expected to be followed by a second economic package in April that includes a major expansion in health insurance coverage, child-care subsidies, free access to community colleges and other proposals.
Republicans and prominent business groups, such as the U.S. Chamber of Commerce, have already come out against the plan, particularly the proposed tax increases, arguing they would damage U.S. investment and global competitiveness. The White House’s stance is that higher taxes would offset concerns about adding to the federal deficit.
Meanwhile, economists are still debating whether Biden’s last major bill will overheat the economy and trigger cycles of inflation, compounding Republicans’ spending worries.
Read the Fact Sheet for the American Jobs Plan released by the White house for yourself here:
Americanjobsplan
