Joe Biden will roll out $2. 3 trillion infrastructure plan on Wednesday

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Joe Biden will roll out $2. 3 trillion infrastructure plan on Wednesday

The infrastructure plan of America President Joe Biden on Wednesday includes$ 2.3 trillion in investments aimed at everything from fixing 10,000 bridges to tearing out lead pipes out of millions of homes in the United States.

This is a highlight of the plan; 20,000 miles of highways and roads, the top 10 economically significant bridges and 10,000 other bridges would be modernized.

It includes$ 20 billion for road safety programs to reduce fatalities for cyclists and pedestrians and$ 20 billion to reconnect neighborhoods divided by highway projects.

It would double federal funds for public transit with a$ 85 billion investment and invest$ 80 billion in Amtrak.

The plan includes$ 25 billion for airports,$ 17 billion for coastal waterways, and ferries, and investments in cleaning port air pollution.

There's another$ 25 billion for already large transportation projects too ambitious for current funding programs.

And in a bid to win the EV market, a$ 174 billion investment was made in electronic supply chains and give consumers rebates to buy them.

These funds would go to broadband, clean water, the electric grid and high-quality housing.

It would replace 100% of lead pipes and service lines across the country, which the White House says could serve as many as 10 million families.

It also proposes broadband access for some 35% of rural Americans who do n't have the service, building or retrofitting two million housing units and veterans hospitals.

There's$ 100 billion to build new public schools and upgrade them through$ 50 billion in direct grants and an additional$ 50 billion leveraged through bonds.

The proposal includes sealing oil and gas wells and abandoned mines, which the White House says will create hundreds of thousands of jobs in area where oil and mining employment has dried up.

One in six essential care workers in the United States live in poverty, the White House said.

The plan will fund home or community-based care for hundreds of thousands of seniors and people with disabilities, creating well-paying caregiving jobs with benefits.

The figure includes a$ 50 billion investment in domestic semiconductor manufacturing,$ 180 billion in research and development with a focus on clean energy, and unspecified amounts as incentives for companies to create new jobs in coal communities and grow the U.S. supply chain.

The plan would add multiple tax changes to the U.S. tax rules in order to put the costs of the plan on corporations entirely.

These include raising the corporate tax rate from 28% to the 21% levy set by the 2017 Trump administration tax bill, eliminating all fuel industry subsidies and loopholes and introducing a minimum tax on earnings companies use to report profits to investors.

The reforms will add 0.5% to the U.S. GDP per year in government revenue, which the White House says will fully pay for investments within the next 15 years and reduce the corporate deficit after that.

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