WASHINGTON â Can President Joe Biden keep the loyalty of the wealthy, suburban Americans who helped put him in the White House â many of them former Republicans â even when he pushes for tax increases to fund priorities such as infrastructure?
Thatâs the challenge ahead for the Biden administration, a week after the president detailed a new $2 trillion infrastructure plan he proposed to pay for primarily by raising the corporate tax rate to 28% from 21%.
With former President Donald Trump out of office, some Democrats concede that tax and spend policies could make them begin worrying about their own pocketbooks and reshuffle their political priorities.
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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