SCHAUMBURG, IL – The Associated Equipment Distributors (AED) has voiced support for President Joe Biden’s proposed infrastructure plan.
The American Jobs Plan is a $2 trillion proposal covering transportation, roads and bridges, broadband and climate change. AED president Brian McGuire issued a statement voicing support for the infrastructure package.
“AED commends President Biden for proposing a bold plan to rebuild the nation’s physical infrastructure, including investments in roads, bridges, highways, broadband, ports, water systems and other projects. America’s critical infrastructure is deficient and deteriorating after many years of underfunding. The time is long overdue for the federal government to provide the investments needed to restore the nation’s infrastructure to the envy of the world. There is no better way to put the United States on the path to long-term economic growth and job creation than investments in transportation, water, telecommunications and energy infrastructure,” McGuire said.
Key components of the plan include $621 billion for transportation, $400 billion for expansion of access to home or community-based care for the aged or those with disabilities, $300 billion of investment in American manufacturing and supply chains, $213 for residential retrofitting, $100 billion for high-speed broadband infrastructure and $100 billion to upgrade the U.S. power grid.
McGuire cautioned the package is as yet just a proposal and will need to be approved by Congress.
“The legislative process in Congress must proceed expeditiously and in a bipartisan manner. AED looks forward to working with the Biden-Harris administration and lawmakers from both sides of the aisle to enact much-needed infrastructure investments and to identify responsible ways to pay for the proposal without sacrificing America’s productivity and international competitiveness,” he said.
The Biden administration is proposing to pay for the infrastructure plan through a variety of tax changes aimed at corporations, including increasing the corporate tax rate to 28 per cent, eliminating tax preferences for the fossil fuel industry and greater tax liability for U.S. multinational corporations.