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What to expect in Biden's $2 trillion infrastructure package

Published by Business Insider on Wed, 31 Mar 2021

<p><img src="https://static3.businessinsider.com/image/600866b56d4c620018e40ff6-1778/Biden speech.jpg" border="0" alt="Biden speech" data-mce-source="Patrick Semansky/Pool via AP" data-mce-caption="President Joe Biden speaks during the 59th Presidential Inauguration at the U.S. Capitol in Washington, Wednesday, Jan. 20, 2021"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>President Joe Biden is set to announce his first infrastructure bill this afternoon, with a price tag of around $2 trillion, principally spent out over eight years. The bill will include major investments in everything from broadband to elder care workersto be paid for with tax hikes on corporations.</p><p>Here's what to expect.</p><h2>Transportation</h2><p>The first area to see a historic investment would be transportation, according to an administration official. That includes modernizing 20,000 miles of roads and funding for important bridges. Significantly, federal funding for public transit would double.</p><p>More climate-friendly forms of transit would also see a boost, with funding for electric-vehicle-charging stations and affordability measures for electric vehicles. Bus fleets would also undergo an electric overhaul.</p><h2>Broadband and water</h2><p>The plan would bring universaland affordablebroadband in the next decade, a need that the virtual work- and school-life required by the pandemic threw into stark relief.</p><p>It will also focus on the living conditions of Americans. The bill seeks to ensure that every American has access to clean water, which would be accomplished through the upgrading and replacing of pipes. It would also revamp electric infrastructure in a move towards a carbon-free future.</p><p>Housing would see a significant investment, with 2 million residences set to be built or renovated. The bill also allocates money to repairs for schools, federal buildings, childcare facilities, and veteran hospitals.</p><h2>Care for the elderly and disabled</h2><p>The plan would invest in one part of the care economy by creating more jobs caring for the elderly and disabled, and boosting pay for those workers. That workforce is <a href="https://www.brookings.edu/blog/the-avenue/2020/12/02/the-heath-care-workforce-needs-higher-wages-and-better-opportunities/">disproportionately female</a>, with women of color highly represented, and sees lower wages in general.</p><h2>Innovation and R&amp;D</h2><p>The package will include incentives for domestic manufacturing, as well as clean-energy technology and other key supply-chain areas. That would be coupled with investments in the workforce and training.</p><h2>Corporate tax increase</h2><p>Biden's proposed corporate tax reform is meant to offset the cost of this package over 15 years, an administration official said. Job creation would be incentivized, and the corporate tax rate would be set to 28%. The administration will also seek to establish a <a href="https://www.businessinsider.com/janet-yellen-corporate-tax-global-minimum-overhaul-oecd-treasury-2021-3">global minimum tax rate</a> of 21% for multinational corporations.</p><h2>What comes next</h2><p>It's unclear if this package will have to be passed through party-line reconciliation, as Biden's <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">$1.9 trillion stimulus</a> was in early March. Moderate Democrat Sen. Joe Manchin <a href="https://www.businessinsider.com/manchin-opposition-democrat-infrastructure-bill-setback-biden-stimulus-filibuster-reconciliation-2021-3">has signaled</a> he would like a bipartisan infrastructure plan, but Republicans have indicated that they <a href="https://www.businessinsider.com/mcconnell-dismisses-gop-support-tax-hikes-pay-for-biden-infrastructure-2021-3">won't get onboard</a> with any tax cuts.</p><p>This is the first part of a two-pronged infrastructure package. The second part, set to be announced in mid-April, will focus on <a href="https://www.businessinsider.com/heres-what-could-be-in-bidens-massive-infrastructure-bill-2021-3">education, childcare, and healthcare</a>.</p><p><a href="https://www.businessinsider.com/what-to-expect-in-bidens-2-trillion-infrastructure-package-2021-3#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/electric-planes-future-of-aviation-problems-regulations-2020-3">Why electric planes haven't taken off yet</a></p>
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