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Politics AOC leads left's claim $2 trillion infrastructure bill is NOT enough

21:10  31 march  2021
21:10  31 march  2021 Source:   dailymail.co.uk

Biden and Congress want to fix US roads, bridges and airports, but competing forces could stall the plan

  Biden and Congress want to fix US roads, bridges and airports, but competing forces could stall the plan Transportation Secretary Pete Buttigieg will appear before lawmakers this week to lay out the White House's priorities on roads, bridges and airports.Not many issues unite Democrats and Republicans on Capitol Hill like crumbling roads, airports and transit systems back home – and the Biden administration is hoping an effort to modernize America’s neglected infrastructure might fuel a rare moment of bipartisanship.

Joe Biden et al. looking at the camera: MailOnline logo © Provided by Daily Mail MailOnline logo

Alexandria Ocasio-Cortez said Tuesday Joe Biden's massive $2.25 trillion infrastructure proposal isn't 'nearly enough' as far-left Democrats demand the president increase that spending up to $10 trillion.

'This is not nearly enough,' Ocasio-Cortez lamented on Twitter.

'The important context here is that it's $2.25T spread out over 10 years,' the progressive New York Democratic congresswoman continued. 'For context, the COVID package was $1.9T for this year *alone,* with some provisions lasting 2 years.'

Ocasio-Cortez concluded: 'Needs to be way bigger.'

Joe Biden’s coming infrastructure push, explained

  Joe Biden’s coming infrastructure push, explained Biden’s massive infrastructure plan is also a climate plan.Shortly after passing his $1.9 trillion Covid-19 relief package, President Joe Biden is preparing to unveil his “Build Back Better” plan Wednesday during a public address in Pittsburgh, Pennsylvania. The White House discussed an approximately $3 trillion infrastructure package on a call last week with Senate Democrats, but the price tag and final details are still under discussion, a person familiar with the plan told Vox.

Sen. Ed Markey of Oregon proposed in February the THRIVE Agenda, which includes parts of the progressive climate proposal – the Green New Deal.

He urged the Biden administration to include this proposal in any future economic plan.

Besides proposing some radical economic initiatives like a carbon-free electric grid by 2035, Markey's agenda calls for a $10 trillion in public spending to achieve 'real full employment' and 'reshape our society' through government jobs.

Biden will announce Wednesday afternoon the most comprehensive corporate tax hike in 30 years when he unveils his massive $4 trillion package, which includes improving roads and bridges, climate initiatives and so-called 'human infrastructure'.

Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike

  Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike The White House is comparing President Joe Biden's infrastructure proposal to the construction of interstate highways and the Space Race.The White House is billing the proposal, dubbed the American Jobs Plan, as a domestic investment not seen in the U.S. since the construction of the interstate highways in the 1950s and the Space Race a decade later.

graphical user interface, text, application, email: Progressive Rep. Alexandria Ocasio-Cortez said Tuesday that President Joe Biden's $2.25 trillion infrastructure isn't 'nearly enough' © Provided by Daily Mail Progressive Rep. Alexandria Ocasio-Cortez said Tuesday that President Joe Biden's $2.25 trillion infrastructure isn't 'nearly enough' a person looking at the camera: AOC and other progressives are pushing for Biden to include in his plan part of the THRIVE Agenda, which has green initiatives that could total up to $10 trillion in spending © Provided by Daily Mail AOC and other progressives are pushing for Biden to include in his plan part of the THRIVE Agenda, which has green initiatives that could total up to $10 trillion in spending

The president expects the nation's corporations to pay for $2 trillion in reengineering infrastructure in the midst of an economically and financially devastating pandemic.

The plan will include a 7% corporate tax hike from the current rate of 21%.

The White House released a fact sheet stating: 'The President's tax plan will ensure that corporations pay their fair share of taxes by increasing the corporate tax rate to 28 percent.'

'His plan will return corporate tax revenue as a share of the economy to around its 21st century average from before the 2017 tax law and well below where it stood before the 1980s,' it continued, referencing former President Donald Trump's tax cuts.

'Go Big': Progressives Want Biden to Back 'Substantially Larger' Infrastructure Bill

  'Go Big': Progressives Want Biden to Back 'Substantially Larger' Infrastructure Bill Progressive lawmakers have proposed pushing through a $10 trillion infrastructure package instead.Biden on Wednesday unveiled the broad overview of his American Jobs Plan, saying the legislation would be "the largest American jobs investment since World War II." The bill would include hundreds of billions of dollars to rebuild crumbling U.S. infrastructure, while it would additionally aim to shore up manufacturing and housing infrastructure, among other proposals.

White House Press Secretary Jen Psaki also referenced changes to the tax code.

'[Biden] believes that there's more that can be done to make the corporate tax code fair – to reward work, not wealth,' Psaki said in a press conference Tuesday in providing a peak at the thinking behind how to fund it all.

The tax hikes could also hit Americans earning more than $400,000 a year, married couples, businesses and estates.

As part of the proposal, Biden could update the tax code so companies cannot move their headquarters to a 'tax haven' overseas, which allows corporations to avoid transparency laws.

Incidentally, Biden was senator for Delaware for 36 years – a tax haven state ranked the 'world's most opaque' by the London-based 'Tax Justice Network' in 2010.

Delaware has no sales tax, it does not tax business transactions, and it does not have use, inventory or unitary tax. There is also no inheritance tax in the state and no capital shares or stock transfer taxes.

This tax hike, if passed, would be the largest comprehensive tax increase since 1993.

'If Republicans have alternative ways to pay for it, we're certainly open to hearing that. They don't think they should pay for it? We're open to hearing that, too,' Psaki told MSNBC's 'Morning Joe' on Wednesday morning. 'What we're focussed on is we have to invest in our infrastructure.'

Biden plan spends billions to 'redress historic inequities'

  Biden plan spends billions to 'redress historic inequities' Joe Biden's $2.3 trillion infrastructure plan includes $12 billion for workforce development in underserved communities, and targets green jobs to women and people of color. President Biden is calling on Congress to also specifically target funding to workers facing some of the greatest challenges,' the plan says.All of it would move in the large $2.3 trillion package – with Senate Democratic leaders hinting they may seek to move it under new 'reconciliation' instructions to protect it from a likely GOP filibuster.

a man wearing a suit and tie: President Joe Biden will unveil Wednesday his $4 trillion infrastructure and social welfare plan, which he plans to pay for mostly with a 7% corporate tax increase © Provided by Daily Mail President Joe Biden will unveil Wednesday his $4 trillion infrastructure and social welfare plan, which he plans to pay for mostly with a 7% corporate tax increase

The administration is lauding the Build Back Better initiative as the largest investment in America since the Space Race in the 1960s.

A senior Biden official said in a call with reporters Tuesday: 'We can demonstrate to the American people that the type of historic and galvanizing public investment programs we have had in the past – but have not seen in earnest since the creation of the Interstate highway system and the Space Race in the 1960s – can revitalize our national imagination and put millions of Americans to work right now in work that's desperately needed for the nation.'

Republicans fear the tax increase will undo all of the economic progress made under Trump, where the stock market was sailing and jobless numbers were at an all time low before the coronavirus pandemic hit.

Pennsylvania Rep. Scott Perry lamented to Fox News on Wednesday morning: 'Even rolling back the Trump taxes aren't going to be nearly enough to pay for it. And you already alluded to what's going to happen. They're going to pump the brakes. As a matter of fact, they're going to slam the brakes on this great Trump economy that just keeps rolling along and grind it to a screeching halt as we are forced to move supply chains further into China and forced to buy slave labor-made products that are not proven to be effective over the long term.'

Biden introduced his infrastructure plan. How does he plan to get it through Congress?

  Biden introduced his infrastructure plan. How does he plan to get it through Congress? Here is what's next as President Joe Biden pushes his sweeping infrastructure plan, dubbed the American Jobs Plan, through Congress."Put simply, these are investments we have to make," he said during a speech in Pittsburgh. "Put another way, we can't afford not to.

Perry, a Republican, claimed the tax hikes would bring a halt to the economic recovery underway as financial fallout from coronavirus continues to affect communities across America.

Even Biden's administration admitted parts of funding for Build Back Better may not have money allocated for it now.

Biden chose Pittsburgh, Pennsylvania as the site where he will unveil Wednesday afternoon his massive infrastructure, social welfare and job plan just weeks after signing his $1.9 trillion American Rescue plan.

He is also preparing to reveal yet another, potentially trillion-dollar, coronavirus stimulus bill in April, the White House previewed.

White House officials say the spending will be spaced out over eight years and would generate millions of new jobs as the country shifts away from fossil fuels and combats the perils of climate change.

The plan is also an effort to compete against the technology and public investments made by China, the world's second-largest economy and fast gaining on the United States´ dominant position.

Psaki said the plan is 'about making an investment in America - not just modernizing our roads or railways or bridges but building an infrastructure of the future.'

Republicans are already reeling as it appears Democrats are looking to use the Build Back Better plan as a catchall to push through pet projects like free community college, universal childcare and green technology initiatives.

The infrastructure projects in the plan would be financed by higher corporate taxes – a trade-off that could lead to fierce resistance from the business community and a proposal that could end any attempts for bipartisan legislation.

The fight to define infrastructure could change America

  The fight to define infrastructure could change America The meaning of the word "infrastructure" suddenly depends on your politics. © Evan Vucci/AP In this March 30, 2021, President Joe Biden speaks after signing the PPP Extension Act of 2021, in the Oval Office of the White House in Washington. Biden wants $2 trillion to reengineer America's infrastructure and expects the nation's corporations to pay for it.

Biden wants to pass an infrastructure plan by summer, which could mean relying solely on the slim Democratic majorities in the House and Senate.

Further complicating the matter is centrist Democratic Sen. Joe Manchin of West Virginia, who has said he won't agree to any further legislation that doesn't include input from across the aisle.

Biden's choice of Pittsburgh for unveiling the plan carries important economic and political resonance. He not only won Pittsburgh and its surrounding county to help secure Pennsylvania, and in turn the presidency, but he launched his campaign there in 2019.

The city famed for steel mills that powered America's industrial rise has steadily pivoted toward technology and health care in a sign of how economies can change.

Biden will deliver his remarks on his economic vision and Build Back Better plan at Carpenters Pittsburgh Training Center.

a group of people walking on a city street: The corporate tax increase would undo some of Donald Trump's 2017 cuts, but won't bring the rate back to the 35% rate it was under administrations before Trump © Provided by Daily Mail The corporate tax increase would undo some of Donald Trump's 2017 cuts, but won't bring the rate back to the 35% rate it was under administrations before Trump

The White House says the largest chunk of the proposal includes $621 billion for roads, bridges, public transit, electric vehicle charging stations and other transportation infrastructure. The spending would push the country away from internal combustion engines that the auto industry views as an increasingly antiquated technology.

Another $111 billion would go to replace lead water pipes and upgrade sewers. Broadband internet would blanket the country for $100 billion. Separately, $100 billion would upgrade the power grid to deliver clean electricity. Homes would get retrofitted, schools modernized, workers trained and hospitals renovated under the plan, which also seeks to strengthen U.S. manufacturing.

The new construction could keep the economy running hot, coming on the heels of Biden's $1.9 trillion coronavirus relief package - economists already estimate it could push growth above 6% this year.

'Child care is infrastructure': Democrats mocked for expanded definition beyond roads and bridges

  'Child care is infrastructure': Democrats mocked for expanded definition beyond roads and bridges Arguments from Democrats in favor of an expanded definition of infrastructure as it relates to President Joe Biden's $2 trillion American Jobs Plan, widely described as an infrastructure package, reached a new level on Wednesday. © Provided by Washington Examiner "Paid leave is infrastructure. Child care is infrastructure. Caregiving is infrastructure," New York Sen. Kirsten Gillibrand said in a tweet. Paid leave is infrastructure.Child care is infrastructure.Caregiving is infrastructure.

Separately, Biden will propose in the coming weeks a series of soft infrastructure investments in child care, family tax credits and other domestic programs, another expenditure of roughly $2 trillion to be paid for by tax hikes on wealthy individuals and families, according to people familiar with the proposal.

Funding the first $2 trillion for construction and 'hard' infrastructure projects would be a hike on corporate taxes that would raise the necessary sum over 15 years and then reduce the deficit going forward, according to a White House outline of the plan. Biden would undo the signature policy achievement of the Trump administration by lifting the corporate tax rate to 28% from the 21% rate set in a 2017 overhaul.

To keep companies from shifting profits overseas to avoid taxation, a 21% global minimum tax would be imposed. The tax code would also be updated so that companies could not merge with a foreign business and avoid taxes by moving their headquarters to a tax haven. And among other provisions, it would increase IRS audits of corporations.

White House officials led by National Economic Council Director Brian Deese offered a private briefing Tuesday for top lawmakers in both parties. But key GOP and business leaders are already panning the package.

'It seems like President Biden has an insatiable appetite to spend more money and raise people's taxes,' Rep. Steve Scalise of Louisiana, the GOP whip, said in an interview.

Scalise predicted that, if approved, the new spending and taxes would 'start having a negative impact on the economy, which we're very concerned about.'

The business community favors updating U.S. infrastructure, but it dislikes higher tax rates. An official at the U.S. Chamber of Commerce who insisted on anonymity to discuss the private talks said the organization fears the proposed tax hikes could undermine the gains from new infrastructure. The Business Roundtable, a group of CEOs, would rather have infrastructure funded with user fees such as tolls.

Pittsburgh is a series of steep hills and three intersecting rivers. Its steel mills once covered the sky in enough soot that men needed to take spare white shirts to work because their button downs would turn to gray by lunch. Only last year the city, amid the coronavirus pandemic, met Environmental Protection Agency standards for air quality, even though it is increasingly the home of tech and health care workers with college degrees.

Infrastructure spending usually holds the promise of juicing economic growth, but by how much remains a subject of political debate. Commutes and shipping times could be shortened, while public health would be improved and construction jobs would bolster consumer spending.

Standard & Poor's chief U.S. economist, Beth Ann Bovino, estimated last year that a $2.1 trillion boost in infrastructure spending could add as much as $5.7 trillion in income to the entire economy over a decade. Those kinds of analyses have led liberal Democrats in Congress such as Washington Rep. Pramila Jayapal to conclude Tuesday, 'The economic consensus is that infrastructure pays for itself over time.'

But the Biden administration is taking a more cautious approach than some Democrats might like. After $1.9 trillion in pandemic aid and $4 trillion in relief last year, the administration is trying to avoid raising the debt to levels that would trigger higher interest rates and make it harder to repay.

Psaki said Tuesday that Biden believes it's 'the responsible thing to do' to pay for infrastructure through taxes instead of borrowing. But the White House in its outline of the plan also couched the tax hikes as a matter of fairness, noting that 91 Fortune 500 companies paid $0 in federal corporate taxes in 2018.

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'Child care is infrastructure': Democrats mocked for expanded definition beyond roads and bridges .
Arguments from Democrats in favor of an expanded definition of infrastructure as it relates to President Joe Biden's $2 trillion American Jobs Plan, widely described as an infrastructure package, reached a new level on Wednesday. © Provided by Washington Examiner "Paid leave is infrastructure. Child care is infrastructure. Caregiving is infrastructure," New York Sen. Kirsten Gillibrand said in a tweet. Paid leave is infrastructure.Child care is infrastructure.Caregiving is infrastructure.

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