The US president has presented an eight-year plan to modernize the country’s infrastructure. This is being financed by increasing the corporate tax.
US President Joe Biden wants to stimulate economic growth in the US with a total renovation of its infrastructure. To this end, the Democrat is planning a program with a volume of two trillion dollars that will run for eight years, as the White House announced. It is to be financed by raising the corporate tax from 21 to 28 percent.
The program will create millions of high-paying jobs and strengthen the US’s position in competition with China, said a senior White House official. Biden wanted to officially introduce the program in a speech this Wednesday in Pittsburgh, Pennsylvania. The plan is based on a “bold vision” for the benefit of American workers and communities, said White House spokeswoman Jen Psaki.
However, challenging disputes with the opposition Republicans in Congress over the project are to be expected. One of the critical points is likely to be the planned increase in corporate tax. Under Biden’s predecessor, Donald Trump, corporate tax was drastically reduced from 35 to 21 percent.