Pittsburgh – President Joe Biden on Wednesday outlined a massive $ 2.3 trillion plan to redesign the nation’s infrastructure over the next eight years, in what he described as “an investment seen once a generation in America. ”.
The plan would reverse in the process the greatest legislative achievement of its predecessor, who established significant tax cuts for large corporations.
From a training center of a carpenters union in Pittsburgh, Biden compared his proposal to transform the American economy with the space race, and promised results of similar magnitude to the “New Deal” established by Franklin D. Roosevelt or the programs “Great Society ”that shaped the 20th century.RELATED
“It’s not a plan to beat around the bush,” Biden said. “It’s a once-a-generation investment in America unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. It is the largest investment in jobs in the United States since World War II. It will create millions of jobs, well-paying jobs ”.
White House officials say the spending would create such jobs as the country distances itself from fossil fuels and combats the risks of climate change. It is also an attempt to compete with public and technology investments from China, which is the second largest economy in the world and is rapidly closing the gap with the United States.
“I am convinced that if we act now, 50 years from now, people will remember this moment as the moment America won the future,” Biden said.
The funds for the infrastructure projects would come from an increase in corporate taxes, the objective of which would be to raise the necessary money for 15 years, and subsequently reduce the deficit. By doing this, Biden would raise the corporate tax rate to 28% from the 21% that had been set during a reform passed in 2017 by Trump and Republican lawmakers.
“Ninety-one Fortune 500 companies, including Amazon, don’t pay a single penny in income taxes,” Biden stressed.
In addition to Wednesday’s announcement, Biden will present a supplemental proposal roughly the same size of investment for child care, family tax credits and other household programs in the coming weeks. That nearly $ 2 trillion package would be funded by tax increases on wealthy individuals and families.
“Wall Street didn’t build this country,” Biden said. “You, the great middle class, built this country. And the unions built the middle class ”.