Biden Promises Affordable Internet for All Americans by 2029 With $100B Infrastructure Investment

President Joe Biden on Wednesday unveiled the American Jobs Plan, a new infrastructure bill that proposes spending $2 trillion over the next eight years to improve America's infrastructure and create new jobs in the process.

Part of the spending proposed in the bill is to go toward expanding broadband internet access. According to a fact sheet the White House released on Wednesday, the administration's goal is to give all Americans access to high-speed internet that is both affordable and reliable.

A senior administration official who referred to internet as the "electricity of the 21st century" explained some of the plan's details during a conversation with reporters on Tuesday evening, before the bill was officially announced.

"This plan would achieve the goal of universal access to affordable broadband in this decade," the official told reporters.

The bill as a whole is expected to create "millions" of jobs as the proposed investments are made over an eight-year period, the official added. If the bill passes, the proposed investments would be funded by raising the corporate tax rate to 28 percent.

Joe Biden infrastructure bill
The White House on Wednesday released a fact sheet detailing the investment plans included in President Joe Biden's proposed $2 trillion infrastructure bill. In the photo above, Biden arrives to deliver remarks on the COVID-19 response and vaccination efforts in the South Court Auditorium of the White House in Washington D.C., on March 29, 2021. JIM WATSON/AFP via Getty Images

Former President Donald Trump cut the corporate tax rate to 21 percent from 35 percent with the passage of his Tax Cuts and Jobs Act of 2017. As the senior official with Biden's administration told reporters, a 28 percent corporate tax rate would mark the lowest of its kind since the 1940s, with the exception of the corporate tax rate under Trump.

Expanding access to fast and reliable internet is listed as one of the bill's agenda items, alongside investments in road and bridge improvements, enhancing public transit options, revamping electricity grids and more. The White House fact sheet compares the investment in broadband with the Rural Electrification Act of 1936, which provided resources to expand access to electricity in rural areas. The American Jobs Plan seeks to do something similar, according to the White House, which noted that high-speed internet is a necessary tool for many American jobs and classrooms. The White House fact sheet says that an estimated 30 million Americans live in areas where high-speed internet is not accessible and acknowledged many of those Americans reside in rural areas or on tribal lands.

The proposed $100 billion broadband investment will build broadband infrastructure in areas without it, to "finally reach 100 percent high-speed broadband coverage," according to the fact sheet. This investment will also seek to reduce internet costs and "promote price transparency and competition" among the companies that provide internet access.

"Americans pay too much for the internet—much more than people in many other countries—and the President is committed to working with Congress to find a solution to reduce internet prices for all Americans, increase adoption in both rural and urban areas, hold providers accountable, and save taxpayer money," the fact sheet says.

The Democratic leaders of the Senate and House of Representatives both released statements in support of the American Jobs Plan on Wednesday.

In his statement, Senate Majority Leader Chuck Schumer of New York focused on the transportation element of the plan and highlighted plans to redevelop a highway in his state.

The statement from House Speaker Nancy Pelosi of California praised several aspects of the bill, including its "significant" investment plan for broadband access. Pelosi's statement concluded by saying she was hopeful the bill would see support from both Democrats and Republicans.

Newsweek reached out to House Minority Leader Kevin McCarthy and Senate Minority Leader Mitch McConnell for comment and will update this article with any response.