Washington: President Joe Biden has announced a "once-in-a-generation" USD 2-trillion infrastructure investment plan to rebuild the country's "crumbling" infrastructure.
"What I am proposing is a one time capital investment of roughly 2 trillion dollars in America's future, spread largely over eight years. It will generate historic job growth, historic economic growth, help businesses to compete internationally, create more revenue as well," Biden said on Wednesday.
He was speaking in Pittsburgh, Pennsylvania, where he began his presidential campaign in 2019.
Dubbed as the American Jobs Plan, includes USD 621 billion to improve transportation infrastructure, such as roads, bridges and airports, USD 300 billion to revitalize US manufacturers and small businesses, and USD213 billion for housing infrastructure.
The plan also invests, among others, USD 180 billion to boost the country's research and development, and USD100 billion to modernize schools and early learning facilities.
To offset the massive cost, Biden has proposed to increase corporate income tax rate to 28 per cent, up from the current 21 per cent, attempting to partially reverse the tax cut policy from former President Donald Trump's administration.
Failing to make these investments, Biden said, would add to the nation's debt and effectively puts its children at a disadvantage relative to the competitor.
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