Yahoo Finance's Jessica Smith breaks down the details of Biden's infrastructure plan.

Video Transcript

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SEANA SMITH: We are awaiting President Biden's remarks on infrastructure. That's expected to get underway any minute, so we'll take you to that as soon as it starts. But in the meantime, let's get to Jessica Smith for a preview of what we could expect to hear. Jess.

JESSICA SMITH: Hey, Seana. Yeah, we are going to be listening to President Biden and see if he has any response to the criticism that we have seen about this plan throughout the day. We've heard from Republicans who say that they are opposed to the tax hikes included in the plan. And then, in just the past few minutes, we've heard from the Congressional Progressive Caucus, who say that this plan is not nearly enough.

So going over some of the details of what this plan includes, it's a $2 trillion plan that is over the course of eight years. And it does include tax hikes that the administration says will fund the plan in 15 years. It has $600 billion for transportation infrastructure-- so highways, roads, bridges, public transit, rail, a big investment in the electric vehicle space.

It has more than $300 billion to fix and modernize water systems, the electric grid, expand broadband access. All of these things will have a focus on clean energy. It also has hundreds of billions of dollars for affordable housing, for workforce development, R&D to boost US manufacturing and strengthen US supply chains.

And then, of course, the big question has been, how are you going to pay for it? President Biden wants to raise the corporate tax rate to 28%, up from 21%. He wants to increase the global minimum tax for US multinational corporations to 21% he's also calling for measures to prevent companies from using tax havens or shifting jobs offshore. He wants to end tax breaks for the fossil fuel industry and ramp up IRS enforcement of corporations.

Now, we have heard from the US Chamber of Commerce today. They said that the tax hikes are dangerously misguided. They went on to say that it will make the US less competitive globally, the exact opposite of the goals of the infrastructure plan. So we'll be waiting to hear more from President Biden in the next few minutes. We'll be sure to keep you updated on what he has to say.

SEANA SMITH: And we will bring our audience there as soon as those comments get underway. Jess Smith, thanks so much.