Biden's tax plan will fully pay for infrastructure proposal, Treasury Department says

The Made in America Tax Plan would fully pay for the administration's more than $2 trillion infrastructure proposal over a 15-year period, according to an in-depth Treasury Department report released Wednesday. 

President Biden aims to make American companies and workers more competitive by eliminating incentives to move investments overseas, cutting profit shifting, pushing back on what administration officials have called a "tax race to the bottom" and refocusing preferences on clean energy production, as his administration prioritizes the fight against climate change.  Republican lawmakers and some business groups have already come out against the plan, arguing that raising corporate tax rates puts the U.S. at a competitive disadvantage around the world and would slow economic growth as the nation works to dig out of the economic crisis caused by the pandemic. Meanwhile, at least two Democratic senators and a number of House members have already expressed opposition to some of the hikes, making it virtually impossible to pass without additional changes.