Eager to build infrastructure, Biden plans to tax business
WASHINGTON (AP) – President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
The Democratic president travels to Pittsburgh on Wednesday to unveil what would be a hard-hatted transformation of the U.S. economy. It includes $621 billion for roads, bridges and transportation infrastructure. The plan would also move the country away from fossil fuels to clean energy.
It would be financed by raising the corporate tax rate from 21% to 28%, among other measures. That could lead to fierce resistance from the business community and thwart attempts to work with Republicans lawmakers.