Biden proposes infrastructure plan to create ‘millions of jobs’ and China beat’ China – 03/31/2021

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Pittsburgh, United States, April 1, 2021 (AFP) – United States President Joe Biden on Wednesday proposed an investment of nearly $ 2 trillion in infrastructure, making and announcing China’s face “millions” in the global economic landscape Was with the goal of climate. Change.

Democrats compared his project to the ambitious US space program of the 1960s, saying it would increase the livelihoods of poor and middle-class Americans, face global warming, and be financed by high taxes on large companies and the rich.

“It’s big, yes. It’s audacious, yes. And we can do it!”, The chairman said. “It will create the world’s most flexible, strong and innovative economy,” he said.

“These are investments we cannot fail to make”, he told directly from Pittsburgh, Pennsylvania, where he began his campaign for the White House two years ago.

The first phase of the “Build Back Better” program will expand investments spanning eight years, financed by an increase in corporate taxes, whose rates will increase from the current 21% to 28%.

“It’s not about punishing anyone,” Biden said. “I have nothing against millionaires or billionaires. I believe in American capitalism.”

But the White House tenant resented that a fireman or teacher pays 22% income tax while business giants like Amazon don’t pay federal taxes. “We’ll put a stop to that,” he promised.

He said he is open to other views, “as long as it does not include taxes on low-income people”.

The plan includes an allocation of US $ 620 billion to the transport sector for the modernization of more than 32,000 kilometers of roads and highways in addition to the repair of about 10,000 bridges in the country.

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– Battle in Congress – The new legislative invasion comes shortly after Congress passed a $ 1.9 trillion plan to repair the damage caused by the Kovid-19 epidemic in the economy.

However, Biden’s speech marks the beginning of a long battle in the Legislature, the results of which are uncertain. With narrow democratic majorities, negotiations need to be complex.

And the first inconsistent voices come from the left wing of the Democratic Party itself. For New York Congress President Alexandria Ocasio-Cortez, the proposed values ​​are “inadequate”.

For Wyoming Republican Senator John Baraso, the bill to allow Democrats to “spend more and raise taxes” is a “Trojan horse”.

All of this means that in the coming months, the negotiation skills of Biden, a former senator and Washington policy veteran, will be tested.

– Electric cars – The plan considers expanding the “electric car revolution”, for example, the switch to electric buses for 20% of the fleet for school transportation.

It also provides for the creation of infrastructures that are more resistant to development associated with climate change.

The repair or construction of roads, bridges, railways, ports, and airports is generally an idea of ​​great importance to Americans, as much of the nation’s infrastructure dates back to the 1950s, and its decline is indisputable.

However, it will not be easy to achieve consensus between Democrats and Republicans.

Donald Trump and Barack Obama, two of Biden’s predecessors, also made statements about possible deals and big promises in the area, which ended in failure.

Transport Secretary Pete Buttig, who will be at the forefront of the plan, believes that, this time, the roadmap will be different.

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“We have an extraordinary opportunity to think big and show courage in infrastructure to support both sides,” Batigiag said.

– “Dangerously Wrong” – The United States Chamber of Commerce, which has so far welcomed Biden’s decisions, such as the country’s return to the Paris climate accord and rescue plan for the economy, also disagreed with the initiative. .

While he approves the desire to prioritize infrastructure, he believes the Democratic president is “dangerously wrong” in the way he funds his program.

“We are strongly opposed to the proposed tax hike, which will delay the economic recovery and make the United States less competitive on the international stage, quite contrary to the objectives of this plan,” he said.

Trump, who spoke of reviving infrastructure, but did not move forward in Congress, accused his successor of proposing a “total economic capitalization” strategy.

Declaring a “monstrosity”, he considered that the increase in corporate tax would be “a great gift” for China.

“Joe Biden launched a brutal attack on the American Dream, it should never become law … (…) our economy will be destroyed!”, He concludes.

Meanwhile, Biden said a 28% increase in corporate tax would still lower the rate for nearly 70 years compared to between World War II and 2017, the year when Trump came to power.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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