President Biden is expected to roll out his new $2 trillion infrastructure bill, called the “American Jobs Plan,” on Wednesday, as the president looks to direct even more federal spending toward transportation - including electric school buses - and building upgrades.
The massive plan, part of his “Build Back Better” agenda, would mark the second multi-trillion-dollar legislative push of Biden’s short presidency, following the passing of the president's $1.9 trillion “COVID-19 relief bill” in early March.
Biden’s new proposal is expected to be coupled with a corporate tax hike over the next 15 years from 21% to 27%, similar to what it was prior to former President Trump’s presidency. The administration is also proposing a global minimum tax rate to encourage corporations to conduct business in the U.S., and is reportedly mulling over a mileage tax levied on drivers to help offset costs, according to Transportation Secretary Pete Buttigieg.
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According to Axios, the bill includes:
$621 billion for standard physical infrastructure such as building roads and bridges and modernizing public transit.
The president also will call on Congress to significantly ramp up the use of electric vehicles and charging stations for both civilians and the government, including electrifying school buses and the U.S. Postal Service’s fleet.
$100 billion for expanding broadband internet access, and another $100 billion to update the country's electric grid, a need whose urgency was highlighted by the blackouts in Texas this winter.
$213 billion for addressing economic inequality by modernizing buildings such as schools and VA hospitals. That spending would mobilize union trade workers to upgrade buildings, with a specific focus on underserved communities.
$400 billion in "care infrastructure" that would expand access to home or community care for people with aging relatives, or those with disabilities.
$100 billion for workforce development targeted at low-income and underserved communities.
Next month, Biden is expected to rollout a second infrastructure package aimed at spending towards health and education, a bill expected to cost around $2 trillion by itself and to be paid for through individual tax hikes for households making over $400,000 a year.