– It will help us to beat China – VG

The US president has already launched a comprehensive package of measures to rebuild the economy after the corona pandemic, but now plans to spend even more on strengthening infrastructure.

The first part of the two-part plan has been called “The American Jobs Plan” and is expected to cost $ 2 billion, which is equivalent to more than 17 billion kronor.

Ambitions are not few: creating millions of new jobs, renovating much of the infrastructure, transitioning to a greener economy, and overtaking China in the global trading market.

In a speech in Pittsburgh on Wednesday night, Biden says the time has come to seriously rebuild the American economy. He believes the pandemic has cleared up economic differences.

– Wall Street didn’t build the country

– It is about opening opportunities for everyone. It is time to build our economy from the bottom up and from the middle out. It wasn’t Wall Street that built this country. It was you, the middle class, who built the country, says Biden.

It describes the investment as an investment that occurs once in a generation.

– These are investments that will create millions of jobs, strengthen the economy and help us win the competition against China in the world market, says Biden.

The president strongly emphasizes that the investment is coming in now.

– I am convinced that in fifty years people will look back and say “this was the moment when the United States won the future,” he says.

Technological increase in the stock market

According to the White House, the focus is initially on the focus areas:

• Transport infrastructure – investments in roads, bridges, railways and more.
• Housing infrastructure – investments in broadband, water, buildings and housing
• Infrastructure in the health and care sector – Investments in care services for the elderly and people with disabilities.
• Infrastructure in innovation, research and development

On Wall Street, the high-tech Nasdaq stock market has risen sharply throughout the day. The White House has announced that Biden will propose to invest a total of $ 174 billion in the electric car market and Tesla’s share is up 3.67 percent, E24 writes.

In total, it has been announced that the investments, “The American Jobs Plan”, and the later “American Families Plan”, will cost between 3,000 and 4,000 million dollars. Therefore, the package may be the size of Franklin D. Roosevelt’s “New Deal” in the 1930s.

Corporation tax will increase

To finance the investment it will be necessary to increase taxes.

During his speech Wednesday, Biden claimed that no one who earns less than $ 400,000 will receive an income tax increase.

But big companies will have to contribute more, says the president, citing e-commerce giant Amazon as an example.

As already announced in last year’s election campaign, Biden wants to increase corporate tax from 21 percent to 28 percent. In that case, he reverts one of the most important tax cuts to his predecessor Donald Trump.

Republican opposition

House Democratic Majority Leader Nancy Pelosi says she has already begun work to turn Biden’s plan into a package that can be voted on by Congress. According to CNBC, your goal should be to get it approved by July 4.

– We hope to prepare and vote through a historic plan to create jobs, justice and opportunities for all, it says in a statement.

Biden’s staff believe his plan may also have the support of some Republicans in Congress, but so far the response has been tepid.

“It seems that President Biden has an insatiable appetite for spending money and raising people’s taxes,” said Republican Steve Scalise, who sits in the House of Representatives.

Senate Minority Leader Mitch McConnell calls according to Washington Post the plan of a “Trojan horse.”

– The last liberal wish of the White House, which they have decided to call “infrastructure”, is a huge missed opportunity for this administration, it says in a statement.

If Republican support cannot be found, Democrats are prepared to try to push the big deal in Congress with only Democratic votes, as they did with the crown crisis package.

In that case, Biden is required to have the full support of his own party, as the majority of the Democrats in Congress are slim.

Both Trump and Barack Obama promised significant investments in infrastructure, to no avail.

You will avoid tax evasion

Last week, Finance Minister Janet Yellen discussed the planned corporate tax increase.

He announced measures to prevent American companies from relocating to other countries with lower taxes. International talks have started to investigate whether tax changes can be coordinated with other countries.

The United States hopes to be heard in favor of a voluntary global minimum corporate tax rate.

– We have had a global race to the bottom when it comes to corporate tax. We hope to end it, Yellen said during a congressional hearing.