Joe’s Infrastructure Plan:
- $621 billion for transportation
- $400 billion for home health care services
- $300 billion for manufacturing
- $213 billion for housing
- $180 billion for research and development
- $111 billion for water infrastructure
- $100 billion for digital infrastructure
- $100 billion for schools
- $100 billion for workforce development
- $18 billion VA hospitals and federal buildings
How is Joe going to pay for it?
- Raising the corporate tax rate from 21% to 28%. BTW, this doesn’t take it back to 35% which is where it was before the Trump tax cuts
- 15% minimum tax on book income
- 21% global minimum tax on corporations
- Corporate inversions crackdown
There is a lot to digest here.
I’ve already quibbled about how the wealth tax and raising the capital gains tax have been shelved and omitted from this plan. It also looks like the SALT deduction cap which was part of the Trump tax cuts is shaping up as a line in the sand for Democrats who represent wealthy districts.
There are plenty of things in this plan which I support in principle like investing in hard infrastructure like roads, bridges, ports and airports (things which we wanted to happen under Trump which went nowhere like the border wall), raising the corporate tax rate and investing in broadband infrastructure. In one of my podcasts with Richard Spencer, we both agreed that pushing through stimulus checks and an infrastructure bill would be the smartest political move for the Democrats.
My initial thoughts on thing is something to the effect of … boy, aren’t the True Cons in Congress sorry now that they didn’t jump at the chance to pass Trump’s pathetic $200 billion infrastructure bill in 2017? Aren’t they sorry now for screwing us on that $600 stimulus check on Christmas? By always saying NO to everything no matter how reasonable, they have taken down their own party in Congress.
$2 trillion dollars is far more money than Steve Bannon ever talked about it and chances are this thing is going to pass through budget reconciliation in some form. Manchin is on board with a huge infrastructure bill. Joe is planning to use his two remaining shots at budget reconciliation to do this. This is also only half of it. “Fiscal conservatives” have no one but themselves to blame for this.
Note: “Fiscal conservatives” for Joe Biden. This was actually a huge thing in the wealthy suburbs! This is happening because the Red Dogs voted for it! LMAO!