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What’s in Biden’s $2.25 Trillion Infrastructure and Tax Proposal

  • Renewable energy, transportation systems to get cash infusion
  • Plan to be funded by foreign-profits tax, 28% corporate levy
Bloomberg business news
WATCH: Biden will reveal his infrastructure plan on Wednesday, a four-part, eight year plan totaling $2.25 trillion.Source: Bloomberg

President Joe Biden released a sweeping plan to pump money into transportation, renewable energy, manufacturing and efforts to combat climate change -- funded by undoing some of the tax breaks that corporations received during the Trump administration.

The $2.25 trillion, eight-year proposal is a follow-up to the $1.9 trillion economic relief bill passed earlier this month. To cover the costs, Biden wants to raise corporate taxes to 28% from 21%. The plan also seeks a minimum tax on profits U.S. corporations earn overseas, increasing the rate to 21% from roughly 13%.