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April 1, 2021 - President Joe Biden has unveiled his plan to plough $2.3 trillion in government spending into U.S. infrastructure -- to reshape the world’s largest economy -- paid for by higher corporate taxes.
“It’s going to create the strongest most resilient, innovative economy in the world. It’s not a plan that tinkers around the edges,” Biden said as he announced his plan in Pittsburgh, Pennsylvania, on Wednesday (March 31).
“This is not to target those who have made it, not to seek retribution. This is about opening opportunities for everybody else,” Biden emphasised.
The announcement comes just weeks after Congress approved a $1.9 trillion fiscal stimulus plan to boost the pandemic-ravaged U.S. economy.
Biden wants to raise the corporate tax rate from 21 per cent to 28 per cent and muster additional revenue through a 21 per cent global minimum tax, calculated on a country-by-country basis “so it hits profits in tax havens.”
Biden singled out Amazon, saying it is one of 91 Fortune 500 companies that “use various loopholes where they pay not a single solitary penny in federal income tax.”
In June 2019, Biden named Amazon and said no company making billions in profits should pay a lower tax rate than firefighters and teachers.
The plan will also repeal a tax loophole for intangible income -- profits made from patents, trademarks, copyrights -- taxed at a lower rate and end tax preferences for fossil fuel producers.
Despite Biden’s infrastructure package’s high price tag, Democrat Alexandria Ocasio-Cortez, a New York Representative, has said the $2 trillion proposals is “not nearly enough” and has argued for a higher figure.