Biden pitches raising corporate tax rate to 28% to pay for massive infrastructure plan
If it becomes law, the Biden proposal would be the largest infrastructure bill in history
President Biden unveiled a massive infrastructure proposal in Pittsburgh on Wednesday.
The proposal, titled the American Jobs Plan, is estimated to cost about $2 trillion and would be funded, in part, with tax increases on corporations. The Biden Administration is also seeking a tax hike on individuals and families in the top income tax bracket.
"We can't delay another minute. It's long past due," Biden said in his pitch to have his measure passed by Congress, enacted and implemented.
The union worker who introduced Biden in Pittsburgh said his plan would benefit unions. When Biden took the stage, he said unions built the middle class.
Biden said his plan is a “once in a generation investment” that will make the economy fairer.
“It’s big, yes. It’s bold, yes,” he said
Biden said his American Family Plan will be rolled out later. His remarks focused on the American Jobs Plan.
“It makes it easier and more efficient to move goods and get to work,” he said.
Biden told the audience his plan would combat climate change and help families afford more fuel efficient vehicles. He added that it would “modernize” highways.
Biden said his plan would put hundreds of thousands of Americans to work with its infrastructure projects and increase research and development funding around clean energy.
“Critics say we shouldn’t spend this money,” he said. “They said the same thing when we first flew into space the first time.”
Biden said the “roughly $2 trillion” American Jobs Plan is estimated over about a 8 year period.
“These are investments we have to make,” he said.
Biden said no one making over $400,000 would see a tax increase to fund the plan. He said the corporate tax rate would be raised to 28% from the current 21% to fund the bill.
Biden also said he would direct the IRS to step up tax enforcement on corporations. He added that he’s open to “other ideas” to pay for the plan. He said he’s willing to listen to suggestions from Republicans.
Rep. Don Beyer, a Virginia Democrat, told Just the News on Tuesday that the proposal might be split in multiple pieces of legislation rather than one large legislative package.