Source: Council of State Governments, 2021
…According to an official fact sheet released by the White House, the Plan proposes an investment of $2 trillion over the course of the next 15 years, consisting principally of one-time capital investments. Funding sources include an increase in the corporate tax rate to 28% and efforts to better enforce global minimum tax rates on corporations.
As proposed, the Plan constitutes the most extensive federal investment in infrastructure, job and workforce development and technology research and development to date. Furthermore, the Plan is unique in its broad focus, including efforts to address climate change as well as long-standing racial injustice and gender inequity. Notably, nearly 40% of the benefits of climate and clean infrastructure investments will be focused on disadvantaged communities. Proposed advances in job development, specifically within STEM fields1 and the care economy, also will directly benefit women and communities of color.
The remainder of this document breaks down the funding in the American Jobs Plan by its major components:
• Building Upgrades, Modernization, and Repairs
• Jobs Investments
• Other Funding