Us Pres. Biden: No Federal tax increase to anyone making below $400k

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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