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. 
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%.
