US President Joe Biden is expected to present a new economic support package for the United States on Wednesday, with hundreds of billions of dollars in infrastructure investment for the world’s largest economy.
Biden will likely reveal his plans in a speech in the city of Pittsburgh later today.
It is said to be a $ 2 trillion investment package or $ 2 trillion over eight years. For example, the money goes to bridges, roads, railways, ports, and other US infrastructure, which is often outdated and in poor condition. Money is also being invested in water supply, sewerage, energy networks, telecom equipment for high-speed internet and charging stations for electric cars, insiders say.
Also, Biden would plan to make significant investments in clean energy sources, such as solar parks and wind turbines, to reduce emissions and combat climate change. Later in a second phase, a lot of money would also be allocated for, for example, childcare, education, care and more help for low-income families.
With that, the president’s new bailout package could reach a total value of $ 3 trillion to $ 4 trillion. That investment program comes on top of an earlier $ 1.9 trillion corona support package approved by Congress earlier this month, including additional financial support for households and businesses against the corona crisis.
According to sources, Biden wants to finance these new investment plans by increasing taxes for companies over the next 15 years and also levying more taxes on foreign profits of American multinationals. Taxes for businesses had previously been lowered by his predecessor Donald Trump. Biden would later also want to increase taxes for rich people.