On March 31st in Pittsburgh Pennsylvania, President Biden revealed the framework of his stimulus proposal, the American Jobs Plan. Spread over eight years this ambitious project would allocate upwards of two trillion dollars to the economic stimulus/job creation package. The package focuses on infrastructure such as highways, bridges, transit, water systems, etc.
A primary theme and focus of the plan will be green solutions and alternative energy. “The plan targets 40 percent of the benefits of climate and clean infrastructure investments to disadvantaged communities. And, the plan invests in rural communities and communities impacted by the market-based transition to clean energy.” The plan was referred to in the President’s speech as “a once in a generation investment in America” and during a briefing to the media an administration official stated, “We think that these are investments that, as a country, we cannot afford not to make.”
Specific aspects of the plan were outlined in the White House summary :
President Biden named the $600 billion Transportation Funding portion of the proposal as the “Heart of the Plan.” It includes:
President Biden’s plan to offset the cost of the American Jobs Plan is to raise the corporate income tax rate to 28%. Currently the income tax rate is 21%. He stated that it would “fully offset” the proposal’s cost within 15 years.
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