President Biden will outline his massive $3 to 4 trillion infrastructure plan Wednesday, which will create four tax increases worth around $1.8 trillion, the White House revealed.
The commander-in-chief’s “Build Back Better” proposal, a centerpiece of his post-COVID campaign message, will be split into two packages for Congress to pass.
The first, the White House said, will focus on infrastructure investments specifically.
The second will focus on funding domestic policy areas of Democratic concern, such as providing universal pre-kindergarten and tuition-free community college, as well as health care.
As for the taxes, Biden’s main priority will be to raise the corporate rate from 21 percent to 28 percent.
In addition, Biden’s proposal would impose a global minimum tax on profits from foreign organizations, increasing capital gains taxes for the wealthy, and returning to the Bush-era individual rate of 39.6 percent for those making over $400,000.
“The president has a plan to fix the infrastructure of our country,” White House press secretary Jen Psaki told reporters, “And he has a plan to pay for it.”
The plan is almost certain to have no Republican support at first, given the price tag and their party-wide opposition to Biden’s $1.9 trillion Covid-19 relief bill.