Biden for now is ignoring a campaign promise and sparing wealthy Americans from any tax increase. The plan would increase the corporate tax rate to 28% from 21% and change the tax code to close loopholes that allow companies to move profits overseas, according to a senior administration official.
The plan also includes $621 billion to rebuild the nation’s infrastructure, such as roads, bridges, highways and ports, including a historic $174 billion investment in the electric vehicle market that sets a goal of a nationwide charging network by 2030. Biden is moving forward with the massive job and infrastructure effort as he navigates an ambitious time line to provide enough COVID vaccines for all adults by the end of May and the deployment of pandemic relief.
White House officials have not explained whether they will seek to have both efforts pass at the same time or try to get Congress to approve one first. Liberal lawmakers want to use the party’s slim majorities in Congress to tackle some of the nation’s biggest problems, such as climate change and economic inequality, with resources that reflect the size of those challenges.