Video
President Biden said he’s willing to compromise on his $2.3 trillion infrastructure proposal, but pushed back at critics who have argued that parts of the plan are not necessary infrastructure, including broadband internet expansion.CreditCredit.Amr Alfiky/The New York Times
April 7, 2021
President Biden on Wednesday signaled his openness to “good faith negotiations” on his $2.3 trillion infrastructure proposal but bluntly warned Republican opponents of the plan that he would “not be open to doing nothing.”
Mr. Biden pushed back against critics who have argued that his sprawling plan contains elements such as the renovation of veterans’ hospitals, expansion of broadband internet and anti-poverty programs that do not fit the traditional definition of infrastructure.
(The Center Square) â The Department of Treasury released more details Wednesday of a planned $2.5 trillion tax hike to fund President Joe Bidenâs sweeping infrastructure bill.
The Biden administrationâs 19-page âMade in America Tax Plan,â focuses on raising taxes on corporations and preventing them from moving profits overseas. The plan claims to raise $2.5 trillion over 15 years.
The tax hike has raised concerns from economists, Republicans and some Democrats. U.S. Sen. Joe Manchin, D-W.V., one of the more moderate Democrats in the Senate and a key vote for Democratic leadership, has voiced opposition to Bidenâs current plan.
Estimates calculated by the Treasury Department and the Joint Committee on Taxation found that fixing incentives to offshore business could raise an amount of revenue equal to $700 billion.
In its totality, the Made In America reforms are estimated to generate about $2.5 trillion over 15 years in an effort to pay for eight years of spending on roads, bridges, transit, broadband and other projects.
Biden spoke about his administration s plan Wednesday afternoon from the Eisenhower Executive Office Building in Washington. It s not a plan that tinkers around the edges. It s a once-in-a-generation investment in America, unlike anything we ve done since we built the interstate highway system and won the space race decades ago, Biden said.
Frenemies, a Joe-Mitch story politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.
Biden will press U.S. companies to pay acceptable level of tax
By Trevor Hunnicutt
Reuters
WASHINGTON (Reuters) - U.S. President Joe Biden will sharpen arguments for his $2 trillion-plus new spending proposal in a speech on Wednesday, challenging those who oppose his plan and the taxes that would be raised to pay for it.
Biden faces stiff opposition from Republicans, companies and even some in his own Democratic Party to key elements of the proposal he laid out a week ago, which must be approved by Congress to become a reality.
The president will attempt to put those opponents on the defensive in a speech where he will challenge critics to explain why it s acceptable that 91 of the biggest corporations paid zero in federal taxes in 2019, or lay out which parts of this package they don t think is worthy, according to a White House official previewing Biden s remarks, who declined to be named.