Biden unveils huge $2t infrastructure plan, paid for by corporations

[Luc 4,776]

Joe Biden unveiled his plan to plough $2tn in government spending into US infrastructure alongside $2tn in higher corporate taxes, as the first stage of a multitrillion-dollar effort to reshape the world’s largest economy.

Spending and revenue measures in the Biden infrastructure plan (over 10 years)

Spending:

- Transportation infrastructure and electric vehicles: $621bn

- Green housing, schools, power and water upgrades: $561bn

- Manufacturing subsidies, R&D: $480bn

- Elder and disability care: $400bn

- Broadband and job training: $200bn

 

Revenue:

- Corporate tax increase: $695bn

- Global minimum tax increase: $495bn

- Repeal tax loophole for intangible income: $217bn

- End fossil fuel tax breaks and anti-inversion measures: $54bn

Biden wants to raise the corporate tax rate from 21 per cent to 28 per cent, and muster additional revenue through a 21 per cent global minimum tax, calculated on a country-by-country basis “so it hits profits in tax havens”, according to the White House. The president also wants to scrap an exemption from taxes for companies on the first 10 per cent of earnings produced internationally and end tax preferences for fossil fuel producers.

Despite the high price tag of Biden’s infrastructure package, the White House is expected in the coming weeks to complete its investment plan with an additional set of spending measures on “childcare, healthcare [and] education” that is likely to top $1tn, bringing the total amount to more than $3tn.

The second package is expected to be paired with tax increases on wealthy individuals, including on income, capital gains and estates.

As he prepares to begin the negotiations with Congress on both packages, Biden is facing competing pressures within his party. Alexandria Ocasio-Cortez, the New York Democratic lawmaker, has said the $2tn infrastructure plan is “not nearly enough” and has argued for a higher figure. But other Democrats are worried that the spending and tax rises could be excessive, with some even calling for a repeal of a cap on deductions for state and local tax payments, which would amount to a tax cut.

Source: https://www.ft.com/content/9793903a-e29f-42dc-9b8d-55f960b0ede5?shareType=nongift

[LGHunter 1,501]

Oh i thought this was a april fools joke

[Stupid Oreo 14,669]

Just now, LGHunter said:

Oh i thought this was a april fools joke

thats why i hate this day

[bionic 50,111]

Increasing infrastructure for electric vehicles is such a power move by the liberal elite.

There needs to be more investment in broadband and job/skills retraining than what they're offering, because a lot of industries are going to be decimated once we emerge from this pandemic. Lets make it happen Joe!  

[Batwings 12,957]

7 minutes ago, LGHunter said:

Oh i thought this was a april fools joke

[Bolkins 4,149]

It’s great to see he is pushing forward with EVs, but that dodgy power grid needs to be resolved or else nobody will be able to charge their cars. 

[JusKeepBreathin 19,311]

Wait so that 10 page mileage tax thread was a faux outrage joke. Yeah, just like I thought. 

[HuffsAhoy 7,433]

18 hours ago, Luc said:

- Transportation infrastructure and electric vehicles: $621bn

We need this so much in the US  I want to see their plans go as radical as possible. We need better infrastructure to help increase access in rural areas to necessary services like food and medical. I want to see larger cities get funding for light rail (or hell something like streetcar service would be suffice), I wanna see a push toward high speed rail between major cities (like Brightline in Florida), but mainly I wanna see all parts of America have better access to public transport so we can finally move into the 21st century. Come through Joe and Co