Budget reconciliation rules mean Democrats don t need 60 votes to pass the bill
Democrats already used the procedure to enact $1.9 trillion coronavirus plan
Means if all Democrats vote yes, it will pass with VP Harris tie-breaking vote
Moderate Democrats including Joe Manchin have called for reduced tax hikes
Republicans, who are not likely to give the bill a single vote, are strongly opposing the huge investment plan
Biden also wants to increase corporate taxes to 28% and implement a global minimum corporate tax rate
Image: Surapol Usanakul/Adobe Stock Biden’s infrastructure plan is not perfect by any means, but it’s a bold step in the right direction. The plastics industry has much to contribute.
Is $2 trillion too much or not enough to spend on infrastructure? Opinions diverge wildly, but here’s one benchmark: The American Society of Civil Engineers estimated that nearly $13 trillion is needed across 11 infrastructure areas highways, bridges, rail, transit, drinking water, stormwater, wastewater, electricity, airports, seaports and inland waterways in a report published in January of this year. No one will dispute that our infrastructure is a shambles, the consequence of many years of neglect. Make no mistake President Biden’s American Jobs Plan is an epic proposal. (It also defines infrastructure in a remarkably elastic way, but that is a debate for another time.) Unlike previous administrations, which paid lip service but not much else to rebuildi
Virginia Sen. Mark Warner said he has expressed some concerns
He wants input before there s any package I could support
Comes as Sen. Joe Manchin said the $2.3 trillion package needs to be changed
Manchin holds major sway in the 50-50 Senate
Parliamentary ruling would allow Democrats to pass it without GOP support
But that gives leverage to every Democrat to press for their concerns
Biden wants to hike corporate rates to 28 per cent
Warner would not comment on that rate hike
Biden on Monday complained about big corporations who paid no income taxes
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On March 31, President Biden unveiled his US$2 trillion infrastructure proposal - the American Jobs Plan - in a speech in Pittsburgh. The American Jobs Plan includes funding for traditional infrastructure areas but also provides substantial funding aimed at achieving some of President Biden’s climate and clean energy objectives. In particular, the American Rescue Plan would require that utilities garner 100 percent of their electricity needs from clean sources, provide long-term extensions and expansions of clean energy tax credits and make large investments in electric vehicle infrastructure. The American Rescue Plan aims to at least partially pay for the infrastructure investments through increased corporate tax rates and repeals various tax incentives for the fossil fuel industry, among other provisions.
The American Jobs Plan : Biden Administration unveils $2 trillion proposal for infrastructure | Hogan Lovells jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.