According to Joe Biden, this level of investment is made once in a lifetime and can only be attributed to building a highway and space racing system decades ago.
The largest job creation investment since World War II, US President Joe Biden described the $ 2,000 billion economic package, with the main goal of developing infrastructure and fighting climate change, in Pittsburgh, Pennsylvania, on Wednesday.
“Today, I am proposing to the nation a plan that rewards work, not just wealth. It creates a decent economy that gives everyone a chance to succeed.”
Biden said. According to the president, the economic package is a huge investment that will happen once in a lifetime and can only be attributed to the establishment of a highway and space racing system decades ago. Biden said he is confident that the country can “implement” this plan, the first part of which concerns jobs and the second on American families. “Both are essential to our economic future,” the president said, and he also announced that he would talk about the other side of the package in a few weeks. Biden said the core of the US employment plan is to modernize transportation infrastructure, roads, bridges and airports.
“It will create millions of well-paying jobs”
– The President said, adding that he is convinced that if they act now, people will look back in 50 years and say that this was the moment when America won the future.
The White House said the package will include, among other things, $ 621 billion for renovating roads and bridges, public transportation, installing electric charging stations and developing other transportation infrastructure. An additional $ 111 billion has been allocated to replace water mains and modernize the sewage network. Broadband internet will be delivered to all parts of the country for $ 100 billion, and the electricity grid will be modernized by $ 100 billion. The package also provides $ 100 billion to build new public schools and renovate existing buildings. Regarding package financing, Biden announced that the corporate tax rate would be raised from 21 to 28 percent. According to the president, “Nobody can complain about this because the tax rate will remain lower than it was between World War II and 2017.” He added that this component would generate an additional $ 15 billion in revenue over 15 years. In addition, the so-called global minimum tax rate of 21 percent will be set. This measure seeks to prevent companies from transferring their profits abroad to avoid taxes. The tax code will also be changed so that US companies cannot merge with foreign companies and avoid taxes by relocating their headquarters to a tax haven. Biden asked Republicans and business representatives to join him and negotiate the bill.
“I’ll introduce Republicans into the Oval Office, listen to them, and I’ll be open to ideas.”