What’s in Biden’s infrastructure investment, corporate tax plan – By Jessica Wehrman and Niels Lesniewski (Roll Call) / Mar 31 2021
The president will promote plan Wednesday afternoon in Pittsburgh
President Joe Biden on Wednesday will call for a $2 trillion investment in the nation’s roads, waterways, airports, electric grid and broadband, arguing that a literal rebuilding of the nation’s infrastructure would lead to an economic boom, help fight climate change, advance racial equity and advance American competitiveness.
In a speech in Pittsburgh scheduled for 4:20 p.m., Biden will vow to rebuild the bulk of the nation’s built assets and promise to pay for it through a series of business tax code changes, including an increase in the corporate rate, that his administration says will pay for the infrastructure improvements within 15 years.
“We think that is important as a matter of fairness and also as a matter of encouraging domestic investment,” an administration official said ahead of the president’s speech. “So, the focus on corporate tax reform here reflects both the president’s longstanding commitments on the campaign, but also a practical perspective.”
The one-time investment is sweeping, covering everything from climate change to workforce development, and would amount to an investment of about 1 percent of the GDP per year over eight years, according to a fact sheet on the plan. The price tag could make passage difficult in Congress, especially in the 50-50 Senate.
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