U.S. President Joe Biden on Wednesday unveiled a plan to invest about $ 2 trillion in infrastructure, the first part of a plan to transform the U.S. economy over the next decade.
In a speech in Pittsburgh that began his campaign for the presidency two years ago, Biden said the plan was a fulfillment of a promise to rebuild America’s “backbone”, strengthen American industry, encourage investment in research, and create jobs for the middle class. Govt-19 in particular is prone to infection.
Biden said the US economy was becoming increasingly volatile and that his plan was to fix it by raising corporate taxes to curb the investment megaprogram. For the Democrats, the most recent economic growth has not benefited much of American society.
“A unique investment in one generation”
“This is not a plan to move around the edges. This is a unique investment for a generation, “said Biden. “We do better when everyone is doing better. It is time to build our economy from top to bottom and not from top to bottom. ”
Details of the plan were expected by the White House this Wednesday. Of the $ 2 trillion forecast for this first phase, $ 621 billion will be invested in modernizing transport infrastructure, $ 300 billion to boost manufacturing and $ 100 billion to expand broadband Internet access in the United States.
According to the Biden plan, the investments will be made over eight years and will be paid with tax reform, which is expected to raise $ 2 trillion over the next 15 years. To close the account, the White House wants to raise the corporate income tax from 21% to 28% and the minimum income tax on US companies overseas to 21%.
Biden said Americans earning less than $ 400,000 a year would not be affected by federal taxes. However, the Democrats are proposing to restructure the fees charged to the rich to finance the second part of its economic program, which will be unveiled throughout April.
Predicting tough talks in Congress with Republicans, the US president said he planned to get members of the opposition at the White House to hear the proposals. He also revealed that he had already discussed the plan with Senate Minority Leader Mitch McConnell, one of the critics of the package.
“Historically, there has been infrastructure [uma questão] Both party. There is no reason why you should never be bipartisan again. The divisions of the moment should not prevent us from doing the right thing for the future, ”Biden argued.
However, the bill came after Democrats passed a $ 1.9 trillion tax package to mitigate the effects of Govt-19 on the economy without the support of Republicans.
One of the White House’s strategies in seeking the support of the opposition is to convince them that the proposed investments are necessary to strengthen the US economy against the rise of China.
According to Biden, investments in infrastructure and technological research not seen from the space race against the former Soviet Union are essential for the US economy to be more productive and capable of surpassing the Chinese.
“Fifty years from now, people will look back and point to this project as the moment when America wins the future,” he said.
The plan also seeks to strengthen the role of the United States in combating climate change. With the investment, Biden wants to build 500,000 stations in the United States to refuel electric vehicles, and gradually changes the federal government fleet to reduce carbon emissions.