Apr 1, 2021
Claudia Cragg @claudiacragg speaks here with @ErikJClarke about the implications for Denver, Colorado and the nation from President Biden's new infrastructure plan to fulfill his campaign promise to “rebuild the backbone of America”.
The expansive proposal, called the American Jobs Plan, intends to build 20,000 miles of roads and highways and to repair the 10 most economically significant bridges in the country among a sprawling list of other projects that Biden said would confront the climate crisis, curb wealth inequality and strengthen US competitiveness.
The measure includes hundreds of billions of dollars to expand access to high-speed broadband; replace lead water pipes, ensuring access to clean drinking water; and upgrade the electric grid, making it more reliable while shifting to new, cleaner energy sources.It also seeks to improve community care facilities for seniors and people with disabilities, modernize schools and retrofit homes and office buildings while dedicating funding to training millions of workers and supporting initiatives that strengthen labor unions.
The spending over eight years would generate millions of new jobs, Biden said. To pay for the package, he proposed a substantial increase on corporate taxes that would offset the spending over the course of 15 years. Among the changes, Biden called for a rise in the corporate tax rate to 28% from 21% and measures to force multinational corporations to pay more taxes in the US on profits earned abroad.
The funding plan would unwind major pieces of Donald Trump’s tax-cut law, which lowered the corporate tax rate from 35% to 21% and was his predecessor’s signature legislative achievement.