Biden makes an investment in America

Biden proposes the most ambitious spending plan in a generation.

President+Biden+outlined+an+ambitious+spending+plan+following+his+recent+address+to+congress.+

"Vice President Joe Biden visit to Israel March 2016" by U.S. Embassy Jerusalem is licensed under CC BY 2.0

President Biden outlined an ambitious spending plan following his recent address to congress.

In his first speech in front of a joint session of Congress President Joe Biden presented a massive plan for jobs, infrastructure, education, and social care.

The speech held on his 100th day in office detailed a 4 trillion dollar spending package. It is the largest plan the United States has seen since the 1960s. 

The president has said that it is a “once in a generation investment in America itself.”

Though, like all such plans, Biden’s initiative faces a fierce battle in congress. 

Republican opposition is already fierce with politicians saying that the proposition is aimed at satisfying Biden’s liberal base and is tantamount to socialism. 

The president stressed the plan is critical in staying ahead of China’s economy, “China and other countries are closing in fast… There is simply no reason the blades for wind turbines can’t be built in Pittsburgh instead of Beijing.”

The President’s American Families plan includes 1 trillion dollars for education and childcare, such as free universal preschool and free two-year community college. 

It also includes 800 billion in tax credits for middle and low-income families. 

Biden’s infrastructure plan includes modernizing roadways and bridges, expanding and modernizing rail lines. It also includes investments in airports, seaports, and American-made electric vehicles, and vehicle charging stations. 

There will also be investments in healthcare, housing, water systems, manufacturing, education, and high-speed broadband internet. As well as investments in developing the American workforce and investments in veterans hospitals. 

To pay for all of this investment the plan proposes:

  • An increase in corporate taxes to 28% (up from the current 21% tax rate)

  • A global minimum tax on U.S. companies of a minimum of 21% calculated on a country by country basis. Deterring companies from sheltering their profits in tax haven countries.

  • A 15% tax on corporate income that is reported to investors, which is often different than what is reported to the IRS (otherwise known as book income).

  • The plan would also make it harder for companies to merge with foreign businesses in order to avoid paying taxes. 

The President is set to discuss his plans with top lawmakers at the White House on May 12.