U.S. President Joe Biden unveiled a $2 trillion infrastructure package which is going to be part financed by a hike in corporate taxes.
The plan puts one trillion dollars into transportation infrastructure and also into American manufacturing, research and development.The announcement marks Biden’s second major initiative after passage of a $1.9 trillion coronavirus relief plan in early March.
Biden plans to fund the spending by raising the corporate tax rate to 28%. Republicans under the Trump regime slashed the rate to 21% from 35% as part of their 2017 tax law.