Joe Biden, in a speech setting his vision for the country’s economy, will fund $ 2 trillion (£ 1.6 trillion) infrastructure work by raising taxes on large corporations and wealthy Americans. Defended his proposal.
U.S. President on Wednesday said the upgrade created millions of jobs and revitalized the U.S. economy. Help Washington compete with China.
“Unlike what we’ve seen or done, this is a once-in-a-generation investment in the United States,” he said in the first phase of the buildback better program in Pittsburgh, Pennsylvania. Said. “It’s big, yes. It’s bold, yes. And we can get it done.”
With infrastructure at the heart of the president’s economic agenda, it calls for $ 620 billion in transportation, including 20,000 miles of road upgrades, thousands of bridge repairs, and doubling of public transport funding.
Biden will pay his proposal by raising corporate taxes and taxes on high-income earners.
Mr Biden told the crowd at the carpenter’s training facility. “This doesn’t hurt people. I have no objection to millionaires or millionaires. I believe in American capitalism,” he said.
He said major US companies like Amazon are using loopholes to pay “not a single, lonely penny” in federal income tax. “This is wrong,” he added.
The president’s proposal is Conservatives greet Isiri And major business groups.
The day after Biden called to explain the proposal, Senate minority leader Mitch McConnell said, “If there is a significant tax increase and additional state debt, it’s unlikely.” Said.
Biden has not seen any expected increases in maximum marginal tax rates or capital gains taxes, at least so far, and is ignoring the promise of a tax increase campaign for wealthy individuals.
Biden said the goal was not to “target” the wealthy, but to deal with the divisions and inequality exacerbated by the pandemic.
The plan aims to spread the cost of the project over eight years and pay for 15 years without increasing national debt in the long run, government officials said.
White House officials say spending will create those jobs as the country shifts away from fossil fuels and fights the dangers of climate change. It is also an effort to compete with technology and public investment by China, the world’s second-largest economy and rapidly gaining the dominant position in the United States.
“If we act now, I’m sure people will look back 50 years later and say that this is the moment America has won the future,” Biden said.