Us Pres. Biden: No Federal tax increase to anyone making below $400k
|US President Joe Biden introduced a $2 trillion package that will form the first part of a likely $4 trillion infrastructure plan on Wednesday.
The bill features substantial investments in transportation, broadband, and care workers.
The massive package is a measure aimed at overhauling the US economy, strengthening its competitiveness abroad, and leveling the playing field for the American middle class.
Biden said that the jobs plan will boost us edge in chips, biotech, energy and will drive down price for internet service.
He said that it is time to rebuild the economy from the bottom up, middle out.
He explained that the jobs plan will make the US more competitive around world.
There will be no Federal tax increase to anyone making below $400k.
''No one should complain about a 28% corporate tax rate''.
"Now it's time to rebuild," Biden said during his announcement, adding: "Wall Street didn't build this country. You, the great middle class, built this country, and unions built the middle class."
There was no reaction in the markets which have already priced in reflation expectations.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.