The Rundown
A White House advisory council drafts a plan for ensuring disadvantaged communities receive 40 percent of the benefits of the administration’s
climate investments. The Treasury Department details how $350 billion in state, local, and tribal funding from the
American Rescue Plan Act can be used for water infrastructure. Washington state senator opposes a
Snake River watershed renewal plan. The EPA evaluates the water system in
Jackson, Mississippi. NOAA forecasts a smaller-than-average harmful algal bloom this summer on
Lake Erie. And lastly, the Bureau of Reclamation is cutting irrigation water from a major
Klamath basin canal for the first time in its century-long history.
Published: Monday, May 17, 2021
Oval Office meeting. Photo credit: Pool/Getty Images
President Biden and Vice President Kamala Harris met with Republican senators last week. Pool/Getty Images
The effort to strike a bipartisan deal on infrastructure will continue this week, as Republicans are readying a counteroffer, two congressional committees will hash out how to pay for it all and lawmakers are jockeying to get their wish lists inserted into a final package.
Following last week s White House summit between President Biden and top GOP senators, Republicans say they could have an infrastructure counteroffer soon.
Sen. Shelley Moore Capito (R-W.Va.), who is leading talks for Republicans, described the meeting as very positive.
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But as noted in a March 9, 2021 letter signed by 27 taxpayer groups, an FTT would be a tax on the investments of the “53 percent of American households that own stock and the 80 to 100 million Americans that have a 401(k).” It would have a particularly negative impact on public sector pensions for firefighters, police officers, and teachers. A 2021 Modern Markets Initiative study found that a typical 401(k) plan could lose $45,000 to $60,000 over the time it exists.
There is bipartisan concern over an FTT. During the House Financial Services Committee hearing, Rep. Josh Gottheimer
An FTT has been proposed for many years, and it has consistently been found lacking. A Dec. 12, 2011 Congressional Budget Office (CBO) letter to then-Senate Finance Committee Ranking Member Orrin Hatch
American Rescue Plan Act: Bad Tax Policy For The States forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.