Workers remove the blocks around an Apple store on Fifth Avenue during the Phase one reopening in New York, the United States, June 12, 2020. (Xinhua/Wang Ying)

TAX HIKE COULD BE TOUGH SELL

To offset the plan's massive costs, Biden proposed increasing the corporate income tax rate to 28 percent, up from the current 21 percent, attempting to partially reverse the tax cuts under the Donald Trump administration.

The tax reform proposal will also raise the global minimum tax on U.S. multinational corporations from 10.5 percent to 21 percent, in a bid to discourage offshoring and create incentives for investment in the United States.

Biden's proposal is widely welcomed by Democrats, with Senate Majority Leader Chuck Schumer and Elizabeth Warren quickly voicing support.

Republicans lashed out at the plan.

"Rolling back Right to Work laws. Imposing the biggest new tax hikes in a generation -- killing jobs and slowing wage growth when workers need a fast recovery," said Senate Minority Leader Mitch McConnell in a tweet, who recently said that he thinks no Republican would vote in favor of raising taxes to pay for the infrastructure plan.

Within the Democratic Party, consensus is not yet in place.

Joe Manchin of West Virginia has indicated support for raising the corporate tax rate to 25 percent, while Democrat Alexandria Ocasio-Cortez argued that the 2-trillion-dollar plan is "not nearly enough."

"Just as difficult as financing the project will be garnering political support in a U.S. Senate that is controlled by Democrats under a 50-50 split," Joseph Brusuelas, chief economist at accounting and consulting firm RSM US LLP, wrote in an analysis.

Brusuelas said without any significant GOP support, Democrats will need to use budget reconciliation to move the legislation, a procedure adopted to pass the 1.9-trillion-dollar relief bill in the Senate with a simple majority, instead of the 60-vote threshold.