The Biden administration in the United States has announced a new plan to invest 220 trillion yen in Japanese yen over eight years to improve domestic infrastructure.
It is said that employment will be created by large-scale fiscal mobilization following the 200 trillion yen scale economic measures that were established earlier.
On March 31, the White House in the United States announced plans to invest $ 2 trillion in eight years and 220 trillion yen in Japanese yen for infrastructure development in the domestic transportation network and environmental fields.
Specifically, it
will create employment by
including ▽
repair of aging roads and bridges and
▽ installation of 500,000 charging stations for electric vehicles by 2030
.
In addition, it includes support for strengthening the supply chain of manufacturing industries such as semiconductors and developing artificial intelligence, and shows a stance against China, which fosters next-generation industries under the initiative of the state.
President Biden has also announced that he will raise the corporate tax rate reduced by the former Trump administration from the current 21% to 28% in order to secure the financial resources for this huge infrastructure investment.
The Biden administration enacted an economic measure of 200 trillion yen in response to the new coronavirus in March, and this time it will be the second large-scale fiscal mobilization.
However, the opposition and Republicans are cautious about tax increases and large-scale fiscal mobilization, and discussions between the ruling and opposition parties in the parliament are likely to intensify in the future.