White House: President Biden's $2.25 trln infrastructure plan to be funded by tax hikes
The tax increases will likely pay for US President Joe Biden's $2.25 trillion infrastructure plan, the White House said in a statement released ahead of Biden's speech on Wednesday at 2020GMT.
Additional takeaways
“$620 billion to be dedicated to transportation.”
“$650 billion to be used for initiatives to improve quality of life at home.”
“$580 billion to strengthen US manufacturing, research and development.”
“$400 billion to address improved care for the elderly, people with disabilities.”
“Tax increases to "fully pay for the investments in this plan over the next 15 years."
“Proposes US corporate tax rate to go up to 28% from 21%.”
Market reaction
Investors remain little impressed by Biden’s plan, as the details were more less on the expected lines.
The US dollar remains on the back foot amid mixed market sentiment and higher Treasury yields, taking a breather before the next push northwards.
The DXY corrects 0.18% to 93.13, having hit multi-month highs at 93.44 earlier on.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
