President Biden to unveil first part of infrastructure plan Wednesday
CNN– Wednesday, President Joe Biden will unveil the next chapter of his effort to transform the United States economy. The president is laying out the first part of his $3-$4 trillion infrastructure plan to rebuild the nation’s roads, bridges, water systems and technology, with climate related measures as well. It also invests in manufacturing, the care giving economy as well as research and development.
Democrats say it’s all part of a bigger picture, creating millions of jobs, but getting Republicans on board won’t be easy. There will be some tax increases, but leaders say it will not affect those making less than $400,000 a year. The plan will largely be financed by increasing the business tax and signing on to an effort establishing a global minimum tax for corporations. There will also be no more federal subsidies for fossil fuel firms, and multinational corporations will have to pay the U.S. tax rate.