a glance at biden's infrastructure plan
Recently, Joe Biden announced a massive infrastructure deal that will help improve our roads, public schools, and even construct electric vehicle stations to fulfil his goal of clean energy. This $2.3 trillion dollar plan is one of the largest since “Eisenhower’s interstate highway system of the late 1950s” (Morningbrew). The biggest portion of this plan will consist of $650 billion going towards the “quality of life at home.” This portion of the plan is meant for homes, commercial properties, public housing projects, and clean energy / sustainability accelerator. Another big portion of Bidens plan consists of $300 billion going toward research, development, and manufacturing. About $180 billion of that will go towards, “new research and development with an emphasis on clean energy, fewer emission and climate change research” (USA Today). With a plan this big, and the house recently passing a $1.9 trillion Covid relief bill, the ultimate question is how are we going to pay for this? Biden mentioned in his speech he plans on raising the corporate tax rate from 21% to 28%, along with increasing the minimum tax on U.S. multinational corporations to 21%. The only issue presented is opposition from the Republican party. Mitch McConnell, the Republican Senate Minority, mentioned that “his side” will not support the plan. While most people agree that the U.S. infrastructure needs upgrading, the real question is how to pay for it.