US President Joe Biden presented the US $ 2.3 trillion infrastructure development plan.
Donald Trump promised to make America great again, Joe Biden promises to make “the biggest investment in American jobs since World War II.” The current president is really going to spend a whole bunch of money – two trillion dollars.
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And what will these funds be spent on?
Four categories
“This plan is not an attempt to go to the top. This is an investment of this magnitude that happens once in a generation. Which we haven’t done since we were in the space race. We must act now. I am convinced that if we do this now, in 50 years, people will look back and say: This was the moment when America won the future,” this is how Biden describes his idea.
Ultimately, this should help the United States win global competition with China.
All spending in Biden’s plan is divided into four broad categories – improving transport infrastructure, improving the quality of life, increasing business productivity, and a social program to support the sick and the elderly.
$ 621 billion will be spent on transport infrastructure. Of these, 174 billion will be invested in the development of electric transport, 115 billion – in the modernization of highways, roads and bridges, 80 billion – in railways, 42 billion – in the modernization of airports and seaports.
The plan envisages 650 billion for the improvement of domestic infrastructure. Including – 111 billion for the renewal of water supply systems, 100 billion for the development of high-speed Internet and power grids, 137 billion for the modification and construction of schools.
580 billion will be spent on improving business productivity. Of these, 180 billion will be invested in research and development, 100 billion – in retraining programs for specialists, another 300 billion will be spent on small business development.
All this money will be cumulatively spent over the next eight years – Biden’s first term and the second, in case he is re-elected, he had just confirmed earlier that he was planning to be nominated for a second term.
Where does the money come from
Biden promises not to increase the national debt, but to finance his ideas by increasing the corporate tax rate from 21 to 28 percent. The costs are expected to be covered in 15 years.
In 2017, under the Donald Trump administration, this tax was reduced from 35% to 21%.
In addition, the presidential administration is proposing to increase the tax on foreign corporate profits. In announcing the plan, Biden stressed that in addition to increasing taxes, he will ensure that there are no loopholes in the legislation with the help of which large corporations move away from them.
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Naturally, Republicans are vehemently opposed to any tax hike. Republican Senator John Barrasso from Wyoming called Biden’s plan “an out-of-control socialist waste of funds.” Not enthusiastic about the ideas of the president and all his associates in the Democratic Party. So Biden has yet to defend his plan for the ages.