Biden has tried his best to make an attempt at infrastructure reforms. But there is a fair chance that this grand infrastructure plan will only turn out to be a pretty PowerPoint. When it comes to the implementation, three contradictions are evident.
Friday, 09 Apr 2021 11:49 PM MYT
US President Joe Biden speaks about his US$2 trillion infrastructure plan during an event to tout the plan at Carpenters Pittsburgh Training Centre in Pittsburgh, Pennsylvania March 31, 2021. Reuters pic
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WASHINGTON, April 9 US President Joe Biden’s 2022 preliminary budget includes boosts for environmental regulation and science research as he proposes a US$14 billion (RM57.9 billion) hike in spending on climate as he reverses former President Donald Trump’s policy of slashing regulations.
Biden’s so-called “skinny”, or preliminary, budget proposal includes US$11.1 billion for the US Environmental Protection Agency, a 21.3 per cent boost over last year’s enacted level. It also includes US$10.2 billion for the National Science Foundation, up 20 per cent from the 2021 enacted level, with US$500 million of that going to climate and clean energy research.
Biden administration has corporate tax dilemma China Daily | Updated: 2021-04-09 08:03 US President Joe Biden arrives to speak about his $2 trillion infrastructure plan during an event to tout the plan at Carpenters Pittsburgh Training Center in Pittsburgh, Pennsylvania, US, March 31, 2021. [Photo/Agencies]
US Treasury Secretary Janet Yellen said on Monday that the United States is working with the other G20 nations on a global minimum tax for companies with a view to reaching an agreement that would move the world away from what she called a 30-year race to the bottom. Together, we can use global minimum tax to make sure that the global economy thrives, based on a more level playing field in the taxation of multinational corporations and spurs innovation, growth and prosperity, Yellen said.
The Republican National Committee, on the other hand, has taken a strict and distorted view of what counts as infrastructure, for the purpose of scoring points against Biden.
Roads, bridges, waterways, ports and airports count, but public transit, utilities and other foundational elements of the economy and daily lives don’t, the GOP contends.
Here’s the RNC in an email Wednesday:
“Biden’s non-infrastructure bill hikes taxes by $2 trillion . all while only spending 7% of the bill on roads, highways, bridges, waterways, ports, and airports combined.”
And one from April 1:
“Joe Biden’s ‘infrastructure’ plan is not really about infrastructure, it is another multi-trillion dollar far left wish list. Just take a look at the actual bill. Only 7% of the bill’s spending is for what Americans traditionally think of as infrastructure.”