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President Biden signed into law the $1 trillion Infrastructure Investment and Jobs Act the IIJA or the Act. Important to the expansion of the public-private partnership PPP model in the transportation, social infrastructure and broadband sectors.
Taxes or user fees. i frankly would have -- >> neil: how is that -- these a good point. how is it being paid for? i understand this idea to beef up irs tax collection, you can raise billions on that. that's been seized before. but there are no user fees in this, no gas taxes, no electric vehicle mileage taxes. so how is this being paid for? >> there is around $100 billion that will -- if you beef up irs enforcement that can be net $100 billion there. you're viewing audience will like this. there's about $80 billion that is being clawed back from precovid relief, covid relief bills that were un...
For funding public infrastructure. and there are states which disallow the private sector from investing in public infrastructure. so we hope that those restrictions can be removed and then for those states and localities that want to work with the private sector. it's their decision as to whether they want to use private activity bonds, whether they want to use tolls, whatever. what we are saying in this proposal is that, we're looking for creative ways for financing. and so tolls is one way we're not advocating for them. we're also not endorsing them. it is really up to the local entities th...
It was widened in louisville, one of the biggest -- one of the things we liked the best about it is there was no tolls. in rural areas, it helped people get to where they wanted to go quicker. here in washington, d.c. area, you have an abundance of tolls. it's affecting people's pay check. while you're es spousing that you want to help out rural america, isn't that going to impact, don't tolls hurt rural america? >> you're mixing up i think several things here. i'm so sorry. there's actually going to be a title as i mentioned, rural america. that is separate from the rest of the titles in this...
Before christmas so american families can enjoy it. they will have their taxes reduced and we are still on schedule to get it done. >> bret: this is what we received on capitol hill from the committee, the negotiators. 37% top individual rate. corporate tax rate 20% goes into effect in 2010. 10,000 local tax deduction split between property taxes, income, sales tax. repeals the corporate amt in the senate bill, graduate school stipends preserved and as in the senate bill. medical expense deductions. amt exemption increased. deductions maintained in the senate bill and private activity bonds, t...