Biden to Unveil $2 Trillion Infrastructure Plan

U.S. President Joe Biden is due to deliver a speech, on Wednesday before a union audience, on a $2.3 trillion infrastructure plan under the "American Jobs Plan".

The new plan includes $621 billion for transportation projects, $111 billion for water infrastructure and $100 billion for broadband.

The proposal, which is the next major initiative for Biden's presidency, comes less than a month after his $1.9 trillion relief bill was signed.

The White House said in a statement that Biden's infrastructure plan will invest about 1% of GDP annually over 8 years to modernize the country's infrastructure, revitalize manufacturing, invest in research, support supply chains, and anchor the care infrastructure.

The investments will provide Americans job opportunities and will pay off for future generations by making the country more competitive.

A proposed tax will raise more than $2 trillion over the next 15 years, raising US jobs plan and reduce the deficit on a permanent basis.

The corporate tax rate, according to the proposal, will be raised from 21% to 28%, raising the minimum tax for multinational corporations, creating a minimum tax of 15% on written income, and eliminating tax preferences for fossil fuels.

Transportation-related spending will include $115 billion to modernize bridges, highways, and roads, as well as $20 billion to improve road safety. In addition, $85 billion will be spend to boost public transportation, $80 billion to support Amtrak and rail projects.

Also, $174 billion will be raised to help the e-vehicle industry, $25 billion to help airports, in addition to $20 billion for a new program to reconnect neighborhoods, and $17 billion to boost inland waterways, ports and ferries.