Biden proposes $2 trillion 'once-in-a-generation' investment in U.S. economy

  • 📰 Reuters
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

President Biden called for a sweeping use of government power to reshape the world's largest economy in a $2 trillion-plus proposal that would put corporate America on the hook for the tab

PITTSBURGH -President Joe Biden on Wednesday called for a sweeping use of government power to reshape the world’s largest economy and counter China’s rise in a $2 trillion-plus proposal that has been met with swift political resistance.

Another economic proposal Biden will release in April could add another $2 trillion to the total price tag. The plan would instead increase the corporate tax rate to 28% from 21% and change the tax code to close loopholes that allow companies to move profits overseas, according to a 25-page briefing paper released by the White House.

“We strongly oppose the general tax increases proposed by the administration which will slow the economic recovery and make the U.S. less competitive globally – the exact opposite of the goals of the infrastructure plan,” Bradley said.The plan includes $621 billion to rebuild infrastructure, such as roads, bridges, highways and ports, and a historic $174 billion investment in the electric vehicle market that sets a goal of a nationwide charging network by 2030.

The plan forms one part of the “Build Back Better” agenda that the administration aims to introduce. A second legislative package is due within weeks.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Corporate America has already reshaped the worlds largest economy; by moving jobs outside, they’ve created a paradox, where goods, are imported to maintain the profit margin, leaving the US without jobs; who will pay for these goods, the machines that replace us

Only affects you if you make over $400,000./yr

Which then raises the prices of products Because we all know companies will pass on their costs to the consumer In essence it becomes a distributive tax across consumers

Corporate America has does NOTHING but profit from our economy for decades. Past time they pay their share.

Free ride is over...pay your share.

Woah. He is doing exactly what he said he would 😱😱

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines