In their view, the American public frustrated by the economic impact of COVID-19 and years of stagnation for the middle class is willing to countenance higher taxes, at least on corporations and the wealthy.
“What people care about is, are jobs being created, am I doing better? The notion that there is a link between higher taxes and you not doing better is simply not the lived experience of the majority of people in the United States,” said Simon Rosenberg of the centrist New Democrat Network, contending that there is simply no data to support the idea that higher taxes per se slow economic growth.
April 2, 2021
On March 31, 2021, President Biden announced the American Jobs Plan, a sweeping proposal that dedicates over $2 trillion to create jobs through repairing and upgrading infrastructure, revitalizing manufacturing, and valuing the caregiving economy.
Q1: What has Biden announced and how big is it in context?
A1: The American Jobs Plan is the second plank of Biden’s “Build Back Better” agenda to both “rescue” the economy from the Covid-19 recession and “recover” in a way that addresses underlying structural constraints and takes advantage of future economic opportunities. The first component, the $1.9 trillion American Rescue Plan, passed earlier in March.
Broadly, the American Jobs Plan can be divided into four buckets (see chart below). The largest is spending on buildings, schools, and aged care. Transportation infrastructure is the second-largest bucket, notable for the $174 billion it proposes to spend on electric vehicles (EVs). Various investments i
Bidenâs Infrastructure Plan Meets Skepticism, Signaling Fight to Come
With Republicans lining up in opposition and some Democrats unsatisfied, the package faces hurdles on Capitol Hill.
Senator Mitch McConnell, the minority leader, said the plan âis like a Trojan horse,â citing the tax increases that have been proposed to pay for it.Credit.Anna Moneymaker for The New York Times
March 31, 2021
WASHINGTON â Republicans on Capitol Hill began lining up on Wednesday against President Bidenâs $2 trillion infrastructure plan and the tax increases he proposed to finance it, even as some Democrats suggested that the package was insufficient to address the countryâs aging infrastructure and vulnerabilities to climate change.
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