Biden unveils $2T plan to rebuild infrastructure, create jobs, move to clean energy

WASHINGTON — President Joe Biden on Wednesday in Pennsylvania unveiled a nearly $2 trillion infrastructure package to rebuild highways and bridges, along with funding programs for housing, broadband and schools and increasing U.S. manufacturing jobs over the next eight years.

Alongside the expansive infrastructure plan, the president released a blueprint to increase corporate taxes that, if passed, would pay for the overhaul within the next 15 years. The plan would make tax changes such as raising the corporate tax rate and preventing companies from writing off expenses that are accrued from offshoring jobs.

“The focus on corporate tax reform here reflects both the president’s long standing commitments on the campaign but also a practical perspective” that improvements in infrastructure and the nation’s productive output can make U.S. investment attractive, the administration official said, speaking on background.

The administration said in a fact sheet that revenue from corporations would help provide funding for the package by raising corporate taxes from 21% to 28%. The Tax Policy Center, a non-partisan think tank that’s part of the Urban Institute and Brookings Institution, estimates that reform alone is worth $730 billion over 10 years.

The plan also aims to bring clean energy manufacturing jobs to communities that rely on the coal industry in an effort to encourage manufacturers to locate in those areas.

It would invest $100 billion in workforce development programs to help set high school students on a career path, as well as ensure that new jobs in energy, manufacturing and infrastructure are accessible to women and people of color.

The package, as part of Biden’s “Build Back Better” agenda, would fund typical infrastructure projects such as rebuilding roads, advancing the country’s transition to electric vehicle charging stations, and combating climate change.

But the plan also provides social services such as investing $12 billion in community college infrastructure and $25 billion for child care programs for infant and toddler care in high-need areas.