President Joe Biden will unveil a US$2.25 trillion ($3.03 trillion) US infrastructure plan Wednesday -- paid for by tax hikes on businesses -- that his administration said will prove the most sweeping since investments in the 1960s space program.

The four-part, eight-year plan dedicates US$620 billion for transportation, including a doubling in federal funding for public transit. It would provide US$650 billion for initiatives tied to improving quality of life at home, like clean water and high-speed broadband. There’s US$580 billion for strengthening American manufacturing -- some US$180 billion of which goes to what’s billed as the biggest non-defense research and development program on record -- and US$400 billion to address improved care for the elderly and people with disabilities.

Biden’s plan would increase the corporate income tax to 28% from 21%, and set a 21% minimum tax on global corporate earnings. The White House said tax increases will be “fully paying for the investments in this plan over the next 15 years.”

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