Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.
As Morning Brew reports, Biden plans to spend:
$300 billion on “R&D for advanced tech industries such as batteries, electric vehicles, AI, and 5G,” and $400 billion “on U.S. goods and services. Biden wants to reduce dependence on foreign economies, particularly in America’s medical supply chain. Those “procurement investments” would also focus on supporting small businesses, particularly minority- and women-owned ones.”
To pay for this, Biden plans to raise $4 trillion by raising taxes “on corporations and the wealthy.”