President Biden unveils his $2 trillion infrastructure plan

CNBC reports that President Joe Biden unveiled a more than $2 trillion infrastructure package as his administration shifts its focus to bolstering the post-pandemic economy.

The plan Biden outlined Wednesday includes roughly $2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. 

The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.

The proposal would:

• Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development

• Direct $400 billion to care for elderly and disabled Americans

• Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids

• Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools

• Invest $580 billion in American manufacturing, research and development and job training efforts

The announcement kicks off Biden’s second major initiative after passage of a $1.9 trillion coronavirus relief plan earlier this month. In the new move, the administration aims to approve a first proposal designed to create jobs, revamp U.S. infrastructure and fight climate change before it turns toward a second plan to improve education and expand paid leave and health-care coverage.