WASHINGTON — President Joe Biden will unveil a $2 trillion plan Wednesday to rebuild the nation’s aging infrastructure, support electric vehicles and clean energy, and boost access to caregivers and their pay in a massive undertaking that would be the centerpiece of his economic agenda.

 

The White House billed the sweeping proposal, dubbed the American Jobs Plan, as a domestic investment not seen in the U.S. since the construction of the interstate highways in the 1950s and the Space Race a decade later.

The plan seeks to reshape an American economy still struggling amid the coronavirus pandemic, while positioning the U.S. to fight climate change and out-compete China in manufacturing. It would pump billions into rebuilding roads, bridges and rail with a dual goal of creating millions of “good-paying union jobs.”

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Biden wants to raise taxes on corporations to pay for the eight-year spending package, according to an administration official. He will propose increasing the corporate tax rate to 28% — resetting to the level before passage of President Donald Trump’s tax cuts in 2017 — and overhauling how the U.S. taxes multinational corporations by increasing the minimum tax on U.S. corporations to 21%.

Biden will formally unveil the plan Wednesday afternoon in a speech at a carpenters training center in Pittsburgh, where he will make the case for the “urgency of the moment” to “revitalize our national imagination and put millions of Americans to work right now,” the official said.

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It will be just the first piece of Biden’s larger “Build Back Better” agenda, with a separate proposal addressing health care, education and child care expected in April. The package continues a shift in U.S. policy under the Biden administration to expand the role of the federal government to meet the nation’s challenges.