Biden’s huge climate-focused infrastructure plan

Biden’s huge climate-focused infrastructure plan

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IslamNews – President Joe Biden unveiled a $2 trillion infrastructure plan, a far-reaching proposal to fix the country’s aging bridges, roads, rail lines and utilities. It will return government investment in those areas, as a share of the economy, to its highest levels since the 1960s.

The plan is the first step in a two-part agenda to overhaul American capitalism, fight climate change and improve economic productivity. It focuses on transforming the two largest sources of planet-warming greenhouse gas pollution in the U.S.: cars and electric power plants.

The plan provides for a network of 500,000 electric car chargers, upgrades to the electrical grid and affordable housing. It proposes spending $174 billion to encourage the manufacture and purchase of electric vehicles with tax credits and other incentives to companies that make electric vehicle batteries in the U.S. instead of China. Automakers embraced the focus on electric cars.

Business groups and corporations have reacted negatively to Mr. Biden’s proposal to fund the plan with an increase of the corporate tax rate to 28 percent from 21 percent.

Source: CNBC