Get Tools and Information in our Coronavirus Webportal>>
On Wednesday, March 31, President Biden unveiled a $2.25 trillion U.S. infrastructure plan paid for by tax hikes on businesses. The four-part, eight-year plan dedicates $620 billion for transportation, including a doubling in federal funding for public transit. It would provide $650 billion for initiatives tied to improving quality of life at home, like clean water and high-speed broadband. There’s $580 billion for strengthening American manufacturing and $400 billion to address improved care for the elderly and people with disabilities. Biden’s plan would bring the following tax changes to fund these projects: (1) raising the corporate tax rate to 28 percent, (2) raising the global minimum tax for multinational corporations to 21 percent, (3) eliminating the Tax Cuts and Jobs Act’s foreign derived intangible income tax provisions, (4) ending expensing for offshoring jobs, (5) creating a 15 percent minimum tax on “book income,” (6) eliminating all tax preferences for fossil fuels, and (7) increasing corporate tax enforcement.
Read the full plan HERE.