President Joe Biden pledged to back the more than $2 Trillion Infrastructure Bill despite the lack of bipartisan support. The Infrastructure Bill will be funded from the American tax, which will be increased once the bill has taken effect.

Republicans oppose the tax hikes with some Democrats also expressing their woes and uneasiness on their scope, according to a report from the New York Post. The $2.3 trillion budget for the infrastructure plan will be used to reinforce the fixing of roads and bridges, and as well as expanding broadband internet access in the United States. The budget will also back research and training, as well as high-quality housing for the Americans.

Biden on Tax Hike

The said infrastructure bill will be funded by the tax hikes affecting people who are earning at least $400,000 annually. Income and investments will also be affected by the said tax hike. President Biden also acknowledged that the plan would raise taxes on individuals as well as married couples.

"I'm going to push hard as I can, to compete with the rest of the world," said Biden at the White House as he returned from his weekend Easter trip from Camp David. Biden also noted that other countries are investing a large amount of money in infrastructure and he only hopes to do it in America.

Also called the American Jobs Plan, the $2.3 trillion budget would invest in infrastructure over the next decade, according to a Centre Daily Times report. Meanwhile, the funding that will support the infrastructure bill was called by the White House as the Made in America corporate tax plan.

Apart from the individuals and married couples who will be affected by the tax hike, the corporate tax rate will also be affected. The corporate tax rate was lowered by the Trump administration in 2017 to 21 percent. President Biden's proposal will add 7 percent to the current corporate tax rate amounting to 28 percent.

The global minimum tax will also be affected. At present, the tax code currently grants U.S. multinational corporations with "profits and jobs overseas" a tax exemption on their first 10 percent of returns on foreign assets while the remaining percentage will have half the domestic rate. The president's plan will increase the minimum tax to 21 percent and will be calculated on a "country-by-country basis."

Tax Hike Opposition

Republicans in Congress have strongly opposed the tax increase, according to an India Times Post report. The GOP noted that the tax hike will weaken the economic recovery following the COVID-19 pandemic.

Republicans have also defended the 2017 tax law arguing that the said law has reformed an archaic international tax system that placed American companies as the prime targets for takeovers and inversions, according to an Al Jazeera report.

Meanwhile, centrist Senator Joe Manchin noted that he does not support Biden's infrastructure plan arguing that the corporate tax rate should not exceed 25 percent.

If Biden's infrastructure bill passed, the tax plan or hike will be able to pay more than the $2 trillion budget for the American Jobs Plan within 15 years.

WATCH: Biden Unveils $2 Trillion Infrastructure Plan That Would Involve Tax Hike - from TODAY