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White House Unveils Details Of Biden's $2.25 Trillion Infrastructure Plan, Massive Tax Hikes - Tyler Durden

Posted By: RumorMail
Date: Wednesday, 31-Mar-2021 11:27:02
www.rumormill.news/169152

Thanks to reader Barb

********************

by Tyler Durden
Wednesday, Mar 31, 2021 - 09:30 AM

After weeks of waiting with investors hanging on every new detail, President Joe Biden is expected to unveil the first part of his sweeping economic reform/redistribution plan on Wednesday afternoon.

------

Fortunately for Tesla, its shareholders and - most importantly - its CEO, Elon Musk, the plan proposes an additional $46 billion in federal procurement programs for government agencies to buy fleets of electric vehicles, and $35 billion in research and development programs for cutting-edge, new technologies. While more competitors are making their own EV vehicles, Tesla remains the market leader.

Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT (courtesy of Newsquawk):

USD 180bln for research and development

USD 115bln for roads and bridges

USD 85bln for public transit

USD 80bln for Amtrak and freight rail

USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China

USD 42bln for ports and airports

USD 100bln for broadband

USD 111bln for water infrastructure

USD 300bln to promote advanced manufacturing

USD 400bln spending on in-home care

USD 100bln in programs to update and modernize the electric grid

USD 46bln in fed procurement programs for government agencies to buy fleets of EVs

USD 35bln in R&D programs for cutting-edge, new technologies

USD 50bln in dedicated investments to improve infrastructure resilience

USD 16bln program intended to help fossil fuel workers transition to new work

USD 10bln for a new "Civilian Climate Corps."

------------

Here's a quick rundown of how Biden plans to pay for it all via massive tax hikes, some of which (like the corporate tax hike) have already been reported:

Eliminate tax preferences for fossil fuel companies

Raise the corporate tax rate to 28% from 21%

Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)

Ramp up enforcement of large companies avoiding taxes

Prevent American companies from "inversions" to tax havens

Eliminate loopholes that encourage offshoring

Deny expense deductions for companies that are offshoring jobs

Readers can learn more from a White House "fact sheet" released Wednesday morning that includes detailed breakdowns of the Biden infrastructure plan, and the associated tax plan.
https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/

Republicans and business groups have already attacked Mr. Bidenís plans to fund the spending with corporate tax increases, which they say will hurt the competitiveness of American companies and especially small businesses. In addition, several Democrats including NY Rep. Tom Suozzi and New Jersey's Josh Gottheimer, have insisted that they will oppose the infrastructure package unless Biden repeals a Trump-era limit on state and local tax deductions known as the SALT deduction.

These Dems actually have a lot of pull, and could end up getting their way. Because, as a team of analysts at Deutsche Bank pointed out in a note to clients this morning, Biden can only afford to lose 3 Democrats in the House, and zero Dems in the Senate, if Republicans oppose the plan on a party-line vote.


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