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Getty Images/iStock Photos $2 trillion American Jobs Plan looks to invest in rural bridges, improve waterways and expand rural broadband access.
President Joe Biden proposed on Wednesday his next major initiative – the American Jobs Plan – which would invest $2 trillion, about 1% of GDP per year over eight years, to upgrade the nation’s infrastructure, revitalize manufacturing, invest in basic research and science and shore up supply chains. He pays for the investments by increasing the corporate tax rate to 28% but promised not to raise taxes on those who make less than $400,000.
“It is clear in the American Jobs Plan that USDA is central to the President’s strategy to build a strong economy for working people, restore the safety and integrity of our nation’s infrastructure from broadband to water to power and electricity, and to renew America’s leadership in science, research and development to give us the tools to make and create U.S.
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The business community has long called for broad infrastructure legislation and previously embraced Biden s commitment to spend massive sums on roads, bridges and even climate change initiatives. But they’ve also warned that he would lose their support if he insisted on raising taxes for U.S. companies.
Now, trade groups say they plan on making their case to lawmakers.
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“We’ll be lobbying Congress on both aspects of the plan infrastructure and tax. We want to find a path forward that does not include an increase to corporate tax rate,” a spokesperson for the Retail Industry Leaders Association told The Hill.
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