U.S. President Joe Biden is traveling Wednesday to Pittsburgh, Pennsylvania, to promote a $2 trillion infrastructure plan that includes addressing roads, bridges, drinking water, electricity and transit systems. A senior administration official told reporters late Tuesday the projects would be targeted to take place over the span of about eight years. FILE – Work proceeds on an Interstate Highway 75 project in Hazel Park, Mich., April 20, 2020.“These are high-value investments, the investments that experts across the board have identified as contributing to addressing deficiencies, improving economic efficiency,” the official said. “And we think that these are investments that, as a country, we cannot afford not to make.” Biden is proposing paying for it all through changes to taxes on corporations, including raising the corporate tax rate from 21% to 28%. Wealthy Americans Dodge $175 Billion in Taxes Each Year As Biden administration plans tax hikes, enforcement remains lax White House press secretary Jen Psaki said Tuesday the administration is open to different ideas about how to fund the package, but that concerns about the condition of the nation’s infrastructure are shared by people across the political spectrum. Republicans in Congress have expressed their opposition to Biden’s plan to raise taxes, saying that would hurt American workers, slow economic growth and make U.S. companies less competitive in the world market. The senior administration official who previewed the plan ahead of Biden’s speech said one focus of the proposal is “making our infrastructure of the future more resilient to climate change,” with initiatives such as helping bus fleets shift to electric vehicles and making electric cars more affordable for drivers. The official also said Biden wants to eliminate all lead pipes in the drinking water system and to make affordable broadband internet access available to everyone. Another part of the plan is aimed at research and development in sectors such as batteries and semiconductors, along with job training for those industries.
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