President Joe Biden on Wednesday unveiled a 2 trillion infrastructure plan aimed at modernizing America's dwindling transportation network, creating millions of jobs and providing "one-time-in-a-generation" investment. With this, the country will be able to improve China in the global economic arena.
Mr. Biden said the plan would boost the livelihoods of poor and middle-class Americans, focus on global warming, and be funded by large companies and higher taxes, and He compares his "transformation" plan with the 1960's American Space Program.
Mr. Biden said: "Today I am proposing a plan for the nation that will reward not just money but work. It will build a fair economy in which everyone has a chance to succeed. Which is going to build the strongest, most innovative economy in the world."
The plan calls for upgrades in transportation, telecommunications, and energy infrastructure, which the US leader said was aimed at rehabilitating the economy weakened by the Kovid-19 epidemic and restoring its global competitiveness.
Biden said he proposed raising funds for companies and wealthy Americans to fund them because they do not pay their dues.
However, he said, "due to corporate-friendly shortcomings," the world's largest companies, including Amazon, do not pay a single penny in federal income tax."
Taxes will increase for Americans earning more than $ 400,000 in a year, and the corporate tax ceiling will increase from 21% to 28%.
In his speech, Biden stopped talking about the prospect of a bitter war in Congress because Democrats have only a small majority and could face strong opposition from Republicans, who have rejected the plan as more government spending.
Senate Republican leader Mitch McConnell called the support for the unions and the higher tax plan a "Trojan horse."Dr. Dhillon Randeep
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