Transport Topics (April 1, 2021)
President Joe Biden unveiled his administration’s ambitious public works plan yesterday, ending months of speculation about what would be included. The proposal totals about $2.25 trillion in spending, including $620 billion for transportation infrastructure and $580 billion for manufacturing. To pay for it, Biden has recommended increasing the corporate income tax rate to 28% from 21% and setting a 21% minimum tax on global corporate earnings. Those increases, according to the White House, would fully pay for the plan’s investments over the next 15 years. The proposal will now move to negotiations in Congress, where Republicans have said they will oppose any tax increases.