“Today I propose a plan for a country that rewards work, not just wealth. <…> This is an investment <…> that happens once in a generation, different from anything we’ve seen or done since we built the interstate highway system and [since] the space race <…>. In truth, this is the largest investment in jobs since World War II. We will create millions of jobs, well-paid jobs, ” said the American leader, speaking in Pennsylvania. Broadcast by American news channels.
Biden said the plan would boost the American economy and help the United States compete with China.
“It will make us more competitive, advance our national security interests, and put us in a position [that will] enable us to win the global competition with China in the years to come,” said the head of the Washington administration.
The central part of the plan is the modernization of the transport infrastructure. “I’ll start with the very essence of the plan. It [involves] upgrading transport infrastructure, our roads, our bridges, our airports, ” Biden said during his speech.
As explained by The Washington Post, the plan involves investments of over $ 1 trillion in developing the transport system and other infrastructure projects, including high-speed Internet. The program also provides for multi-billion dollar investments in the goals related to the expansion of production, research and development in various industries, particularly those related to the use of cleaner energy sources and the fight against climate change in general.
Biden expects to cover the costs of his proposed plan by increasing taxes, including on corporate income, as well as tighter control over the fact that they pay these taxes.
“I have nothing against millionaires and billionaires. I believe in American capitalism,” Biden said. However, according to him, it is unacceptable that some corporations, using various existing provisions of American law, avoid paying any taxes at all. In particular, he said, large companies such as Amazon are using “various loopholes to avoid paying a single cent of federal taxes.” “It is not right. Farmers and teachers pay 22%, but Amazon and the other 90 largest corporations pay nothing? “ – emphasized Biden.
“We will raise the corporate tax. It used to be 35%, which is too high, and we all agreed five years ago that it should be reduced to 28%, but it was reduced to 21%. We will raise it again to 28%. And no one should complain about this. It is still lower than in the period from the end of World War II to 2017, ” the American leader emphasized.