Why Americans Could Be Paying for Biden’s Infrastructure Plan Long After the Roads Are Built

Why Americans Could Be Paying for Biden’s Infrastructure Plan Long After the Roads Are Built

President Joe Biden’s massive $2 trillion infrastructure plan carries with it a corresponding tax on corporations that, as introduced yesterday, will be paying for the plan long after the bulldozers go quiet. The Biden plan would use a full eight years to undertake the most badly needed repairs to roads and bridges, expand meaningful passenger rail beyond the northeast and finally get high-speed Internet to rural areas. In Biden’s plan, foreign corporate profits currently taxed at 10.5% — a new tax introduced in the 2017 GOP tax plan — would face a 21% tax. Biden’s plan would spend $2 trillion over eight years, but it would also raise that $2 trillion over 15 years from corporations and the rich. So instead, the Biden plan spends the money in the first eight years and spends those years and the next seven still paying it back.

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