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US President Joe Biden announced on March 31 that $ 2.25 trillion in infrastructureI came up with a plan. For the Biden administration, it will be a large-scale economic program following the economic measures that were established earlier, but unlike the economic measures that passed through parliament relatively smoothly, the parliamentary deliberation of the infrastructure plan is expected to be a long one. term. end war.
President Biden addressed Pittsburgh, Pennsylvania, emphasizing that past economic growth has left many layers of American society behind, but “we will leave no one behind.” “If everyone is successful, everyone will do better,” he said.
The program, titled “America’s Employment Plan,” runs for eight years. $ 620 billion for transportation, including doubling of federal contributions to public transportation, $ 650 billion for measures related to improving the quality of life in every home, such as clean water and high-speed broadband, to strengthen the US manufacturing industry $ 580 billion and $ 400 billion to improve long-term care for the elderly and disabled. Approximately $ 180 billion, the largest to date, will be allocated to research and development from non-defense related manufacturing funds.
US President Joe Biden announces major infrastructure plan comparable to space program
“It is time to build the American economy from the middle class,” he said. “It’s not just about wealth, it’s about work.” Focus on reducing inequality and creating jobs.
However, the tax revenue from the tax increase is said to be used to fund the investment included in the plan, and Republican lawmakers are expected to strongly oppose this point. The plan is to raise the current corporate tax rate from 21% to 28% and apply a minimum tax rate of 21% to the profits of companies that operate globally.
Strengthening competitiveness with China
The president said he would listen to choices from lawmakers, including Republicans, on infrastructure plans, but warned that “the rest of the world is fast approaching.” He expressed his determination to promote the establishment of the United States and said that it is indispensable to strengthen the competitiveness of the United States against China and other countries.
As part of strengthening its competitiveness with China, it will contribute $ 50 billion to semiconductor manufacturing in the United States and $ 40 billion to enhance the research base of research institutes in the United States. The president cites a space exploration program in the 1960s on plans to significantly expand federal contributions to science and technology.
Climate change is another major pillar, with $ 174 billion allocated to transportation-related vehicles, especially electric vehicles (EVs), including tax incentives for consumers who purchase US-made vehicles.
In a statement from a person familiar with the matter, House Speaker Nancy Pelosi told Democrats on the 29th that her goal was to pass the House of Representatives before July 4, Independence Day. Actual approval may be delayed later in the month, but given this timeline, the Senate could come up with a final bill before the August recess.
President Biden announced the first long-term economic program on the 31st. According to the White House, the second statement, to be announced in mid-April, will focus on “supporting families struggling with medical expenses, parenting, education, etc.” In his speech, the president called it “a plan for American families.”
In the second installment, raising taxes for the rich is likely to be the main focus. Still, the president reiterated in his speech that if his annual income were less than $ 400,000, he would not be subject to any tax increase.
Original title:Biden Unveils $ 2.25 Billion Plan To ‘Get All’ (1) （抜 粋）
(I’ll update it by adding the US President’s comments.)
