Biden to unveil $2.25 trillion infrastructure plan today with plenty of rural resonance - Entrepreneur Generations

President Biden will introduce a $2.25 trillion jobs-and-infrastructure package this afternoon in Pittsburgh. More details on the American Jobs Plan will be available later—and rural interests will be looking closely to see what’s in it for them—but the broad strokes are known. Click here for a spending breakdown.

"Biden’s plan will include approximately $650 billion to rebuild the country’s infrastructure, such as its roads, bridges, highways and ports," The Washington Post reports. "The plan will also include in the range of $400 billion toward home care for the elderly and the disabled, $300 billion for housing infrastructure and $300 billion to revive U.S. manufacturing."

The plan also includes $100 billion for broadband, $100 billion for public schools, $25 billion for child-care facilities, $18 billion for veterans' hospitals, $111 billion for water infrastructure, and $12 billion for community colleges, Alicia Parlapiano reports for The New York Times. Of the $115 billion earmarked for roads and bridges, the plan calls for modernizing 20,000 miles of roads and highways and repairing 10,000 smaller bridges. On top of the $2.25 trillion in new spending, the plan will include about $400 billion in clean-energy credits.

The eight-year spending plan would be paid for with 15 years of increased corporate taxes so as not to add to the national debt, Jim Tankersley and Emily Cochrane report for the Times. President Trump cut the corporate tax rate from 35 percent to 21%. Biden would bring the rate back up to 28% and enact provisions to try and force multinational corporations to pay more taxes to the U.S. on profits they earn and book overseas.

The plan "forms one part of the 'Build Back Better' agenda that the administration aims to introduce. [Press Secretary Jen] Psaki has said the administration within weeks will introduce a second legislative package," the Post reports. "That second package is expected to include an expansion in health insurance coverage, an extension of the expanded child tax benefit, and paid family and medical leave, among other efforts aimed at families."

from The Rural Blog https://ift.tt/2OaCxiT Biden to unveil $2.25 trillion infrastructure plan today with plenty of rural resonance - Entrepreneur Generations

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