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Biden Announces $2.25 Trillion Infrastructure and Jobs Plan

Today (3/31), President Biden announced a sweeping $2.25 trillion, eight-year proposal on infrastructure. This is the first of a two-part plan with the second major package expected in April. This first proposal includes funding for transportation, electric vehicles, infrastructure and climate research/development, technology manufacturing and research, workforce development, electric grid modernization, carbon capture, water infrastructure, broadband internet, affordable housing, and improvements to schools and childcare facilities. The second plan, which could cost $1 trillion or more, will focus on health care, paid-leave access and extending the child tax credit. COVID-19 relief bill brings Biden face to face with potential limitations of ability to work across the aisle | KTLA

Biden’s plan proposes $111 billion to improve water infrastructure and replace lead service lines. That includes:

  • $45 billion for the Drinking Water State Revolving Fund (SRF) and WIIN grants to replace lead service lines;
  • $56 billion in grants and low-cost flexible loans to states to modernize water infrastructure through the Clean Water and Drinking Water SRFs; and
  • $10 billion in funding to monitor and remediate PFAS in drinking water.

To cover the costs, President Biden plans to raise corporate taxes from 21% to 28% and to raise the minimum tax on overseas profits earned by U.S. corporations from 13% to 21%.