President Joe Biden proposed a $2 trillion plan on Wednesday to support the ailing economy and decades-old infrastructure. The plan includes much-needed support for modern electric vehicles and clean energy, to transform the prevalent economic conditions.
President Biden also unveiled his American Jobs Plan proposal to create jobs. This sector of domestic investment has not been given due importance since the construction of certain key highways in the 1950s and 1960s.
The plan is a desperate measure to rebuild the struggling economy of America amidst the coronavirus pandemic; as the United States of America is already competing with China on multiple fronts, encompassing economic, environmental, political, domestic, and strategic spheres.
The American Jobs Plan will pump billions of dollars into the rebuilding of the highways, bridges, and roads while creating jobs for Americans as well.
President Biden proposed an increase in corporate taxes by 28% that will reset the tax cut proposed in 2017 by former president Donald Trump.
If this proposal is approved, the minimum tax on U.S. corporations will increase to a whopping 21% and will overhaul the United States taxation system completely.
President Biden announced the plan while giving a speech on Wednesday afternoon at a Carpenter Training Center in Pittsburgh.
He claimed that the plan would be America’s largest jobs program since World War II and it will make America compete more aggressively with the world. it will be a once-in-a-generation investment that will reward the Americans in the form of work instead of wealth.
The Biden Administration needs to get it approved by Congress, but it is highly unlikely for the Republicans to favor this proposal. The Republicans are already propagating against the idea of tax hike policies, and have warned several times that they will rebuke it in the House.
Republican and Senate Minority Leader Mitch McConnell termed this proposal as “Trojan Horse” for borrowing money and tax increment under the banner of “need of time”.