US President Joe Biden will on Wednesday propose raising corporate tax from 21 percent to 28 percent to finance an ambitious plan to invest in infrastructure.
“The president is proposing to fundamentally reform the corporate tax code so that it incentivizes job creation and investment... and ensures that large corporations are paying their fair share,” a senior official said.
The president will unveil a plan to invest $2 trillion over eight years in national infrastructure with a focus on transport, a White House official said.
Biden will present his plan during a speech in Pittsburgh, with $620 billion budgeted to modernize the country’s transport network, including 20,000 miles (32,000 kilometers) of roads and highways.
The plan “will create millions of good-paying jobs, rebuild our country’s infrastructure, and position the United States to out-compete China,” the senior administration official said.