President Joe Biden has rolled out the first part of his sweeping $2 trillion infrastructure and jobs plan that would be spent out over an eight-year period.
Speaking at Carpenters Pittsburgh Training Center in Pittsburgh, Biden said he plans to raise the fund to implement the proposal by increasing corporate tax rate to 28 percent and eliminating tax breaks for fossil fuels.
"No one should be able to complain about that. It's still lower than what that rate was between World War II and 2017. Just doing that one thing will generate $1 trillion in additional revenue over 15 years," he said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.