Monday, October 25

US President Joe Biden $ 2.3 trillion spending package in action

US President Joe Biden announced a $ 2.3 trillion spending plan to stimulate growth in the American economy.

The plan envisions improving the country’s infrastructure and combating global warming. The government plans to create millions of jobs in new areas to be created to combat infrastructure and global warming.

For example, it is aimed to create jobs for millions of Americans by creating new roads, electric vehicle charging stations and service buildings that respect the green areas to be established for the care of the elderly.

Explaining his plan in Pittsburgh, Pennsylvania, Biden said, “This is the kind of once-in-a-generation investment in America.”

Biden’s plan was an important part of the vision he set out in last year’s presidential election campaign.

Biden aims to fill the gap that will arise from this expenditure by raising the tax rates for businesses, including corporate tax.

The plan, which envisions increasing the corporate tax from 21 percent to 38 percent, was strongly opposed.

Republicans say the tax increase is the recipe for “economic recession and decline”, while a strong lobby group called Business Rountable, representing firms like Walmart, said they support investments but oppose tax increases.

The level of opposition is seen as a sign that there will be a hard fight in the future for the plan, which should get Congress approval.

The White House argues that the plan will be the most extensive spending in decades and is needed for the US economy to grow and remain competitive against countries like China.

Joe Biden Pack highlights

The package includes expenses in many areas, from gas stations for electric vehicles to the removal of lead pipes.

Over 600 billion dollars are expected to be invested in projects such as the modernization of roads, the renovation of train wagons and buses, and the repair of damaged bridges.

Billions of dollars have been allocated to the improvement of war veterans’ hospitals, affordable housing, high-speed internet, manufacturing, and technology research.

Expenditure, which must be approved by Congress, will take eight years.

Tax increases and expenses will be balanced within 15 years.