CNBC After Hours
CNBC After Hours

Biden infrastructure plan relies on steep corporate tax hikes: CNBC After Hours

Biden infrastructure plan relies on steep corporate tax hikes: CNBC After...

In this article's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, FiscalNote Markets Managing Director Stefanie Miller breaks down the corporate tax hikes included in President Biden's new $2 trillion infrastructure plan. Plus, Jennifer Elias explains why Google is accelerating its return-to-work plans.

S&P 500 climbs more than 1% to close above 4,000 for the first time

The S&P 500 crossed the 4,000 threshold for the first time Thursday as Wall Street built on a solid March following the rollout of President Joe Biden's infrastructure plan.

The broad equity benchmark rose 1.2% to a fresh record close of 4,019.87. The Dow Jones Industrial Average climbed 171.66 points, or 0.5%, to 33,153.21. The tech-heavy Nasdaq Composite jumped 1.8% to 13,480.11. Alphabet and Netflix jumped more than 3%, while Amazon and Microsoft gained over 2%.

Microsoft shares advanced on news that the software giant will deliver to the U.S. Army more than 120,000 devices based on its HoloLens augmented reality headset. The contract will be worth $21.9 billion over 10 years.

President Biden unveils his $2 trillion infrastructure plan – here are the details

President Joe Biden unveiled a more than $2 trillion infrastructure package on Wednesday as his administration shifts its focus to bolstering the post-pandemic economy.

The plan Biden outlined Wednesday includes roughly $2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. Speaking at a union hall in Pittsburgh, the president called it a vision to create "the strongest, most resilient, innovative economy in the world" — and millions of "good-paying jobs" along the way.

The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.

Google is accelerating partial reopening of offices and putting limits on future of remote work

Google, one of the first major U.S. companies to send employees home last year because of the coronavirus, is setting new remote work guidelines as it speeds up plans to get staffers back to the office.

As millions more Americans get vaccinated by the day, Google is accelerating reopening plans in some parts of the U.S. on a volunteer basis ahead of the Sept. 1 return deadline, according to internal documents viewed by CNBC. Offices will reopen in a limited capacity in April based on vaccine availability and a downward trend in Covid-19 cases.

"It's now been a year since many of us have been working from home, and the thought of returning to the office might inspire different emotions," wrote Fiona Cicconi, Google's new head of people operations, in a companywide email on Wednesday. Cicconi advised employees to get the Covid-19 vaccine but said it's not mandatory.