Biden to unveil infrastructure plan next week

The president will travel to Pittsburgh to make the announcement on March 31. Details of President Joe Biden’s long-awaited infrastructure package emerged this week as the administration ramps up for its second major legislative push after passing the $1.9 trillion American Rescue Plan earlier this month. The plan, which is expected to total between $3 trillion and $4 trillion, aims to create 5 million new jobs while restoring all the jobs lost in the broader economy during the past year due to the COVID-19 crisis, according to the New York Times. Biden has proposed raising the corporate tax rate from 21% to 28%, as well as increasing taxes on individuals making $400,000 a year or more, and raising the top marginal income tax bracket from 37% to 39.6%. White House advisers reportedly are recommending breaking the mammoth spending proposal into two parts to improve its chances of passage, given Democrats’ thin majorities in the House and Senate. But the scope of the proposal alone is noteworthy, lawmakers noted.

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