US Politics

Biden Releases $1.3 Trillion Infrastructure Plan Funded by Taxing The Super-Wealthy and Corporations

Democratic presidential candidate Joe Biden announced an infrastructure plan that would spend $1.3 trillion over a 10-year span, aiming to overhaul the countrys transportation and reduce greenhouse gas emission to zero. He said the plan would be funded “by making sure the super-wealthy and corporations pay their fair share.”

The plan to “Invest in Middle-Class Competitiveness” involves renovating old railways, highways, ports, and airports across the country. It also targets high-poverty areas that lack access to high-quality, reliable public transportation, pledging to install new light rail networks, bus lines, and bike lanes so the residents have more transportation options.

The former vice president said he would spend $50 billion in his first year in office, if elected, to repair existing roads and bridges. Another $100 billion would go to rebuilding public schools. In addition, $1 billion would be funneled into a grant program every year to build a national electric charging system of 500,000 public charging outlets, in an effort to prompt the Americans to replace their traditional cars with electric ones.

“Every cent of Joe Bidens $1.3 trillion investment in our nations infrastructure will be paid for by making sure the super-wealthy and corporations pay their fair share,” Bidens campaign press release reads, adding that Biden would reverse Republicans 2017 tax cuts for corporations, close tax loopholes, and end fossil-fuel subsidies in order to secure the funds.

Biden also mentions President Donald Trumps campaign promises to improve the countrys infrastructure, blaming him for “leaving communities across the country suffering.” However, in April Trump and congressional Democratic leaders agreed in a meeting that $2 trillion was needed to fix Americas aging infrastructure, which received a D+ rating from the American Society of Civil Engineers (pdf). Trump later expressed that while he still favored the deal, he worried that the Democrats would portray him as supporting a tax increase to finance major investments in infrastructure.

“…I also think were being played by the Democrats a little bit,” TrumpRead More – Source

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