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Joe Biden to announce tax hikes to pay for huge $3 trillion infrastructure plan
Joe Biden is expected to announce tax increases targeting the wealthy and middle class on Wednesday, when he unveils his ambitious nearly $3trillion (£2.1trn) infrastructure package aimed at keeping the US competitive with China. The president will announce the first part of his “Build Back Better” programme in the former steel town of Pittsburgh, Pennsylvania, outlining spending proposals forecast over the next 10 years devoted to fixing the country’s crumbling roads, transport, sewage systems and other essential works. Mr Biden’s proposal will reportedly impose a global minimum tax on profits from foreign organisations, increase capital gains taxes for the rich, corporate tax rate to 28 per cent from 21 per cent and see a return to the George W. Bush-era individual rate of 39.6 per cent for those making over $400,000 (£292,000). The rest of the money could be made up by borrowing. The project revolves around a pledge the Democrat made on the campaign trail to modernise ageing infrastructure, to meet the challenge of competing against an industrious Beijing, and to tackle the key issue of climate change.
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