"It's a once-in-a-generation investment in America, unlike anything we've seen or done," Biden said in Pittsburgh. "It's big, yes. It's bold, yes. And we can get it done."
Biden's second multi-trillion dollar legislative proposal in two months in office aimed to provide support to an economy walloped by the coronavirus pandemic. It also promised to shore up labor unions and the country's resilience to climate change, both long-sought liberal goals.
Another economic proposal Biden will release in April could add another $2 trillion to the total price tag.
Coupled with his recently enacted $1.9 trillion coronavirus relief package, Biden's infrastructure initiative would give the federal government a bigger role in the U.S. economy than it has had in generations, accounting for 20% or more of annual output.
JOE BIDEN: It's time to build our economy from the bottom up and from the middle out, not the top down. That hasn't worked very well. So today, I'm proposing a plan for the nation that rewards work, not just rewards wealth. It builds a fairer economy that gives everybody a chance to succeed, and it's going to create the strongest, most resilient, innovative economy in the world.
It's not a plan that tinkers around the edges, it's a once-in-a-generation investment in America, unlike anything we've seen or done since we built the interstate highway system and the space race decades ago. In fact, it's the largest American jobs investment since World War II. It'll create millions of jobs, good-paying jobs. It'll grow the economy, make us more competitive around the world, promote our national security interests, and put us in a position to win the global competition with China in the upcoming years.
It's big? Yes. It's bold? Yes. And we can get it done. The American Jobs Plan will build new rail corridors and transit lines, easing congestion, cutting pollution, slashing commute times, and opening up investment in communities that can be connected to the cities and cities to the outskirts where a lot of jobs are these days.
No one making under $400,000 will see their federal taxes go up, period. This is not about penalizing anyone. I have nothing against millionaires and billionaires. I believe in America and American capitalism.
We're going to raise the corporate tax. It was 35%, which is too high. We all agreed five years ago, it should go down to 28%. But they reduced it to 21%. We're going to raise it back to up to 28%. No one should be able to complain about that. It's still lower than what that rate was between World War II and 2017. Just doing that one thing will generate $1 trillion in additional revenue over 15 years.