REUTERS: President Joe Biden on Wednesday will call for a dramatic and more permanent shift in the direction of the U.S. economy with a roughly US$2 trillion package to invest in traditional projects like roads and bridges alongside tackling climate change and boosting human services like elder care.
Biden for now is ignoring a campaign promise and sparing wealthy Americans from any tax increase. The plan would increase the corporate tax rate to 28per cent from 21per cent and change the tax code to close loopholes that allow companies to move profits overseas, according to a senior administration official.
There is US$213 billion provided to build and retrofit affordable and sustainable homes along with hundreds of billions to support U.S. manufacturing, bolster the nation’s electric grid, enact nationwide high-speed broadband and revamp the nation’s water systems to ensure clean drinking water.
The 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, the officials said. Moderate Democrats have said the package should be more targeted to traditional infrastructure projects to attract Republican votes, seeking a return to bipartisan policymaking.
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