Apr 02, 2021 4:23 PM

Biden announces infrastructure plan

Posted Apr 02, 2021 4:23 PM

President Biden released a $2 trillion infrastructure plan that will address needs in rural America that agricultural stakeholders have been asking Washington to address. The Hagstrom Report says the proposal will cover many traditional infrastructure projects like roads, bridges, and inland waterways.

The plan will also attempt to reduce greenhouse gas emissions. But the big benefit to rural America will include trying to bring high-speed broadband service to the most remote parts of rural America.

Ag Secretary Tom Vilsack says, “The plan promises to close the broadband gap in rural America for millions of Americans, something that’s vital for health care, education, and employment in the digital age.” The package would be partly financed by increasing the corporate income tax rate from 21 to 28 percent.

The rate increase has already generated growing opposition in the business world and among many lawmakers on Capitol Hill. The U.S. Chamber of Commerce and the Business Roundtable have already rejected the idea of raising the corporate tax rate. The Chamber says the plan will slow the country’s economic recovery from COVID-19 and reduce global competitiveness.