Biden Plans
Here's a quick rundown of how Biden plans to pay for it all via massive tax hikes, some of which (like the corporate tax hike) have already been reported:
Eliminate tax preferences for fossil fuel companies
Raise the corporate tax rate to 28% from 21%
Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)
Ramp up enforcement of large companies avoiding taxes
Prevent American companies from "inversions" to tax havens
Eliminate loopholes that encourage offshoring
Deny expense deductions for companies that are offshoring jobs
Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT
USD 180bln for research and development
USD 115bln for roads and bridges
USD 85bln for public transit
USD 80bln for Amtrak and freight rail
USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China
USD 42bln for ports and airports
USD 100bln for broadband
USD 111bln for water infrastructure
USD 300bln to promote advanced manufacturing
USD 400bln spending on in-home care
USD 100bln in programs to update and modernize the electric grid
USD 46bln in fed procurement programs for government agencies to buy fleets of EVs
USD 35bln in R&D programs for cutting-edge, new technologies
USD 50bln in dedicated investments to improve infrastructure resilience
USD 16bln program intended to help fossil fuel workers transition to new work
USD 10bln for a new "Civilian Climate Corps."
Eliminate tax preferences for fossil fuel companies
Raise the corporate tax rate to 28% from 21%
Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)
Ramp up enforcement of large companies avoiding taxes
Prevent American companies from "inversions" to tax havens
Eliminate loopholes that encourage offshoring
Deny expense deductions for companies that are offshoring jobs
Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT
USD 180bln for research and development
USD 115bln for roads and bridges
USD 85bln for public transit
USD 80bln for Amtrak and freight rail
USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China
USD 42bln for ports and airports
USD 100bln for broadband
USD 111bln for water infrastructure
USD 300bln to promote advanced manufacturing
USD 400bln spending on in-home care
USD 100bln in programs to update and modernize the electric grid
USD 46bln in fed procurement programs for government agencies to buy fleets of EVs
USD 35bln in R&D programs for cutting-edge, new technologies
USD 50bln in dedicated investments to improve infrastructure resilience
USD 16bln program intended to help fossil fuel workers transition to new work
USD 10bln for a new "Civilian Climate Corps."
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