President Joe Biden’s newly released American Jobs Plan sets aside around $2 trillion in infrastructure initiatives during the next eight years.
Those improvements could be paid for over the next 15 years largely by increasing the corporate tax rate to 28%, Biden announced during a speech Wednesday in Pittsburgh.
“I’m proposing a plan for the nation that rewards work, not just rewards wealth,” Biden said. “It builds a fairer economy and gives everybody a chance to succeed. It’s going to create the strongest, most resilient innovative economy in the world.”
Overall, $621 billion of the spending package is proposed for transportation with $174 billion supporting electric vehicle adoption.
Bridge, highway and road repair will receive $115 billion while $17 billion is earmarked for ports and inland waterways.
A new Rural Partnership Program to help rural regions is estimated to receive $5 billion, while high-speed broadband will receive $100 billion.
“Millions of America lack access to reliable high-speed internet, including more than 35% of rural America,” Biden said. “It’s a disparity even more pronounced during this pandemic. American Jobs (Plan) will make sure every single American has access to high quality, affordable, high speed internet.”
Climate research and development will receive $35 billion and $40 billion will go towards research infrastructure, specifically.
“Decades ago, the United States government used to spend 2% of its GDP, gross domestic product, on research and development,” noted Biden. “Today, we speed less than 1%.”
American Farm Bureau Federation President Zippy Duvall said in part: "The administration’s infrastructure plan includes some important priorities for agriculture and rural communities, but raising taxes, particularly when our country is trying to emerge from the pandemic’s economic blow, is a misguided idea. ... We look forward to working with Congress to upgrade our infrastructure as it is a priority on both sides of the aisle and should be accomplished with careful consideration, responsible funding and bipartisan support."
Watch: Highlights from Biden's speech