Photo: Doug Mills-Pool / Getty
WASHINGTON DC, March 31, 2021 ~ On Wednesday, President Biden proposed to renovate the infrastructure of the United States, all while ensuring corporations are supplying what he believes to be their fair share of taxes.
Named the American Jobs Plan, a statement from the White House says it aims to “create millions of good jobs, rebuild our country’s infrastructure, and position the United States to out-compete China.”
FIRST 100 DAYS PODCASTS:
March 31, 2021 ~ Lance Binoniemi, vice president of government affairs at the Michigan Infrastructure and Transportation Association talks with Guy Gordon about President Biden‘s infrastructure plan.
March 31, 2021 ~ Jay Shambaugh, professor at George Washington University, talks with Guy Gordon about the economic impact of President Biden‘s infrastructure plan.
Main focuses of the bill include modernizing highways and bridges, eliminating lead in water systems, modernizing schools and veteran hospitals, and expanding high-speed broadband access nationwide. If approved, the plan will spend $2 trillion over 10 years.
The payment of this legislation will come from what Biden has dubbed the Made in America Tax Plan, which would raise taxes at the corporate level 7%, from 21% up to 28%. This would also increase multinational company taxes to a minimum of 21%, with calculations done on a “country-by-country basis so it hits profits in tax havens.”
Fox News contributor Karl Rove said the move would be “the fifth-largest tax increase in America’s history. ”
These changes, the White House statement says, will gather $2 trillion over the next 15 years, paying off the investment and reducing further deficits.
FIRST 100 DAYS VIDEOS:
PITTSBURGH, PA, March 31, 2021 ~ President Biden delivers remarks at Carpenters Pittsburgh Training Center about his $2 trillion infrastructure plan.