Yamiche Alcindor:
The American Jobs Plan would spend about $2.25 trillion over eight years.
And it includes $621 billion for roads, bridges, and other transportation methods, $580 billion for manufacturing, research and development, and job training efforts, $400 billion toward home care for the elderly and disabled, and more than $300 billion to improve drinking water, expand broadband access, and update electrical grids.
To pay for all of that, the plan calls for raising the corporate tax rate from 21 percent to 28 percent. It aims to ensure multinational corporations pay at least a 21 percent tax wherever they do business. And it aims to end federal subsidies for fossil fuel companies.
The White House says these measures would extend over 15 years. The plan would effectively undo a major component of the 2017 tax cuts signed into law by former President Trump. The proposal comes after the World Economic Forum's 2019 global report ranked U.S. infrastructure 13th in the world.
This year, the American Society of Civil Engineers also graded it a C-minus. But given the tax hikes, building bipartisan support in Congress will be a political challenge.
Senate Minority Leader Mitch McConnell signaled that he would not support the bill.
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