Biden unveils $2 trillion infrastructure investment plan

U.S. President Joe Biden officially announced an investment plan for the construction of a  infrastructure worth 2 trillion dollars.

Shortly after his inauguration, Congress passed a stimulus bill worth $1.9 trillion, and came up with a plan to invest huge amounts of money to boost the economy.

The plan aims to rebuild approximately 32,000 km of roads and 10,000 bridges, expand high-speed communication networks to rural areas, replace lead pipelines for clean water, and invest in manufacturing.

In a speech in Pittsburgh, Pennsylvania, President Biden said the plan would create millions of jobs, energize the US economy, and help the US compete with China.

"It's the largest US job investment since World War II. It will create millions of jobs, good paying jobs," he said, attaching the meaning of his proposal as "a once-in-a-generation investment in the United States." 

He also explained that "I'm proposing a national plan today that rewards labor, not wealth," and "we will build a fair economy that gives everyone a chance to succeed."

CNN reported that "a $2 trillion proposal aimed at improving national infrastructure and a transition to green energy over the next eight years."

President Biden will have a meeting on April 1 to accelerate the passage of the infrastructure investment plan, the Associated Press reported.

To raise money, President Biden is considering raising the corporate tax rate from 21% to 28%, and raising the income tax rate for high-income people with an annual income of 40 dollars and about 450 million won or more from 37% to 39.6%.

However, the Republican Party is protesting that it is raising the corporate tax cut, which was up to 35% in 2017, during the former administration of Donald Trump.

Regarding this budget execution, United States plans to invest over two trillion dollars in financing over eight years, and that it will take 15 years until 2036 to raise this money through a corporate tax increase.