China News Service, March 31. According to the US Chinese website, according to the White House news, on the 31st local time, US President Biden will announce a large-scale infrastructure plan.
The total amount of this infrastructure plan is expected to be at least US$3 trillion, and Biden will also announce corresponding tax increases to cover this huge expenditure.
On March 25, local time, U.S. President Biden held the first official press conference in the more than 60 days since he took office, answering hot issues such as the border crisis and infrastructure plans.
According to reports, Biden's "Build Back Better" proposal will be split into two bills for Congress to pass.
The White House stated that the first bill will focus on matters directly related to infrastructure investment.
The second item will focus on providing funding for domestic policy areas that the Democratic Party is concerned about, such as universal pre-school education and promotion of free community colleges, as well as investment in health care.
Biden will announce the first part of the proposal in Pittsburgh on the 31st, and plans on how to pay for this expenditure.
The second part will be announced in the next few weeks.
Senior White House officials told CNN that the White House hopes to see substantive progress in advancing legislation before the National Death Day (May 31), which means that only two months are given to Congress.
According to the analysis, although Democrats have been paving the way for infrastructure construction in Congress, there are still obvious differences within Congress on how to proceed, which may make the White House's timetable unrealized.
According to reports, Democrats are still discussing how to raise funds for the bill and how much they are willing to spend.
Congressional leadership must also be careful to include green energy initiatives in the bill to satisfy progressive Democrats, but not too radical, so as not to lose the support of Senator Manchin, a moderate Democrat.
According to reports, on how to pay for the plan, Biden’s priority will be to increase the corporate tax rate from 21% to 28%. In addition, Biden’s proposal will also increase the minimum tax rate for global profits of multinational companies and increase the capital gains of the wealthy. Tax, for wealthy people with incomes of more than $400,000, is restored to the 39.6% personal income tax during the Bush era.
Officials said that the internal debate about the size of the proposal has been going on for a long time, and everyone is aware of the potential inflation risk.
White House spokesperson Psaki told reporters that when the infrastructure plan was announced on the 31st, the mechanism for funding the entire program in the future will be mentioned.
Psaki told reporters a few days ago: "The president has a plan to repair our infrastructure, as well as a corresponding funding plan. But we are also open to discussion. Of course we hope to discuss with members of Congress to advance the plan."