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Topline

After weeks of anticipation, President Biden will unveil on Wednesday a sweeping proposal to revitalize American infrastructure and manufacturing, begin the transition to clean energy and industry and create jobs—here are the details.

Key Facts

The $2 trillion Biden will ask Congress to approve for his American Jobs Plan will be spent over a period of eight years and paid for with tax hikes over a period of 15 years. 

Included in that $2 trillion is $621 billion for transportation infrastructure like roads and bridges, with $174 billion of that set aside for the electric vehicle market, $111 billion for clean drinking water, $100 billion for expanding broadband and $100 billion for power infrastructure like the electric grid.

There’s also $213 billion for affordable and sustainable housing, $400 billion for the “care economy” and $100 billion for workforce development.

To help pay for all that spending, the Biden administration is expected to propose a series of major tax changes including raising the corporate rate from 21% to 28% and raising the global minimum tax.

Biden also wants to encourage domestic manufacturing by making it more expensive for American companies to produce goods and services overseas. 

Tangent

Analysts from Bank of America predict that companies that manufacture the equipment used to make semiconductors—the computer chips found in everything from cars to smartphones—are poised to profit from Biden’s push to modernize the United States’ digital infrastructure and shore up domestic production of the essential computer components as part of his $2 trillion plan.

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