Biden’s public investment plan 

President Joe Biden has unveiled his plan to plough $2.3 trillion in government spending into U.S. infrastructure to reshape the world’s largest economy – paid for by higher corporate taxes


SPENDING

$621bn 
Infrastructure, transport
Modernise roads, 10,000 bridges. Includes $174bn for electric vehicles, $85bn for public transit, $80bn for railways, $25bn for airports

$561bn
Housing, schools, power, water 
No American family should receive drinking water through lead pipes

$480bn
Manufacturing subsidies, research and development 
Rebuild America’s industrial heartland. Includes $50bn help for chipmakers

$400bn
Caregiving crisis
Boost wages for essential workers

$200bn
Broadband, job training


REVENUES
       
$695bn 
Corporate tax hike
From 21% to 28%

$495bn
Global minimum tax increase*

$217bn
End intangible income loophole†

$54bn 
End fossil fuel, anti-inversion‡ tax breaks
          

*U.S. multinationals to pay at least 21% on profits held in tax havens

†Income from intangible assets such as patents, trademarks, copyrights is currently taxed at reduced rates

‡American multinational merges with smaller foreign company and then establishes its residence in foreign company’s country to avoid U.S. taxes


Sources: White House, Financial Times, Reuters 
Picture: Getty Images 
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