[2021.04.01.Thu] [CNN 10] President Biden Releases New Infrastructure Plan

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However you look at it, we are kicking off a new month of coverage on CNN 10. We`re so glad you`re watching. 

I am Carl Azuz. 

With a new stimulated stimulus plan enacted law last month, $ 1.9 trn the spending package focused on fighting the effects of coronavirus, the Biden administration is turning its attention to its next legislated legislative priority, a two-parts of infrastructure package. The first, which President Joe Biden discussed on Wednesday, would include goverment spending to update everything from roads, and bridges, and to the electric grid, investments in 5th generation technology, your or 5G,  manufacturing in America, alternative forms of energy, cyber security, all this will would be included in the bill.

The second part which would will be formally proposed later will focus on providing more benefits for lower income families offering a free preschool for children, a and free community college to high school graduates and extending child care programs. The total estimated cost for both of these packages together could be higher than $4 trn, and a big debate is right now is how and where or if the government would pay for it. The Biden administration has proposed offsetting some of the costs by increasing the corporate tax rate, the percentage of profits paid by corporations based in America.

Currently, the that tax rate is 21%. The government wants to increas it to 28%. It also plans to increase taxes on people who earn $400,000 or more per year. This will would raise more than $ 2 trn for the government over the next 15 years, according to the Biden administration.

But the U.S. Chamber of Commerce says it will would hurt American businesses and their ability to compete internationally. And congressional Republicans have said that they`re opposed to tax increases. Lawmakers are also divided over how far the infrastructure plans should go, and how much they should cost, and what the money will would be spent on. So, experts say the debate on this in the House and Senate will take considerably longer than they it did in on the COVID relief bill, and the infrastructure proposals could undergo a lot of changes before they come up for votes in the House of and Senate.

So the Biden administration's plan is a first step toward what can could become a months-long process concerning a new infrastructure packages.