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Biden wants to raise corporate taxes for his new deal

President Joe Biden wants to invest $ 2,000 billion in US infrastructure to create millions of jobs. But it still has to pass the US Congress. Republicans are important because Biden wants to raise taxes for corporations to pay for his ambitious plans.

Biden wants to get America to compete again, and he has no more trouble spending money, says journalist John Postma. More than $ 600 billion will be spent on upgrading roads, railways, ports and airports, and $ 100 billion on expanding broadband internet, even to areas where there is still no good internet. It will also create 180 billion clean energy and 170 billion electric car jobs.

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In the coming years, 500,000 charging stations will be installed, because American petrolheads will have to go with ‘gas-gasling SUVs’ for electricity, Postma says. The ultimate goal is a combination of a highly competitive economy, better infrastructure and more employment. “It’s like Franklin’s Delano Roosevelt.

Find each other

At Pitan, it is not clear how many jobs will eventually be involved, Postma says. That is not surprising, since it largely depends on the support of Democrats and Republicans. ‘This is really something they can relate to: they both see holes in the road. But the problem is finance: Biden wants to pay for it by raising corporate taxes, mainly by reversing Trump’s cut.

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It is against the sore leg of many Republicans. Republican Senate President Mitch McConnell has already called the plans the far left and “a Trojan horse, an excuse to raise taxes.” “So it’s definitely not equal, and then many Democrats think Biden did not go far enough. You know there’s one more chess game ahead of Biden.