President Joe Biden’s $2 trillion infrastructure plan, dubbed the American Jobs Plan, is not sufficient and “needs to be way bigger,” Rep. Alexandria Ocasio-Cortez (D-NY) said on Tuesday prior to the proposal’s formal unveiling.
Biden is outlining his $2 trillion plan on Wednesday, which devotes roughly $174 billion to the electric vehicle market, $115 billion to modernize bridges, highways, and roads, $50 billion in semiconductor manufacturing and research, $25 billion in airports, $10 billion investment in enforcement to “ensure employers are providing workers with good jobs,” $10 billion investment for Civilian Climate Corps, and more, as Breitbart News highlighted.
Ocasio-Cortez, however, does not believe it is sufficient, as the $2 trillion proposal spreads out over the next decade.
“This is not nearly enough. The important context here is that it’s $2.25T spread out over 10 years,” she said. “For context, the COVID package was $1.9T for this year alone, with some provisions lasting 2 years.”
“Needs to be way bigger,” the New York lawmaker added:
This is not nearly enough. The important context here is that it’s $2.25T spread out over 10 years.
For context, the COVID package was $1.9T for this year *alone,* with some provisions lasting 2 years.
Needs to be way bigger. https://t.co/eTQ7cxuTzF
— Alexandria Ocasio-Cortez (@AOC) March 30, 2021
Biden is expected to formally outline the proposal in Pittsburgh, Pennsylvania sometime Wednesday afternoon.
The measure, if passed, would increase the corporate tax rate from 21 percent to 28 percent, soaring over the 25 percent corporate tax rate of Communist China.
Republicans do not appear to be on board with Biden’s economic proposal, particularly as the economy continues to recover from the battering it took during the Chinese coronavirus pandemic last year.
“No president has ever raised business taxes to recover from an economic crisis,” Rep. Kevin Brady (R-TX), Ranking Member of the House Ways and Means Committee, said. “This couldn’t come at a worse time.”
Read more at Breitbart
The federal government is already more than 28 trillion dollars in debt. Without any new spending, the federal government is currently spending more than twice what they are taking in. Before any new spending is initialized the federal government needs of pay off all of its current debts. Economically we are also suffering from huge annual trade deficits. Taking more money from the private sector will dampen the economy and make it more difficult for American companies to compete on international markets. Our President, as the federal government’s CEO, needs to provide a comprehensive plan for the federal government to pay off all of its debts, to solve our trade deficit problem, and to improve the economy primarily for working class Americans. Willy nilly spending huge amounts of money does not do the job and makes matters worse. Remember that it was Obama’s economic plan that called for starting to pay down the national debt as early as FY 2015. We need to solve our economic problems before the federal government becomes completely insolvent.
As long as there are takers of America’s debt, the economy will float along. I don’t know why you’re wrong, ask the buyers of government debt.
While Republicans are right to cast doubt on the tax increases during an ongoing recession, there is another HUGE component that no one is talking about. Basically, the way this “infrastructure” bill is designed is to change the entire emphasis in energy to “green dreams.” R&D & subsidies will be disproportionately directed to renewables while conventional sources (fossil fuels) will have any remaining tax incentives & financing opportunities for capital formation eliminated, CRIPPLING the energy producers that provide 80% of our primary domestic energy. All you need to do is a bit of research on Germany, Denmark & the province of Ontario to get a glimpse of what electricity prices will soon be as thermal generation is needlessly retired by government fiat. This is a BAD DEAL for American consumers. It is NOT an answer to the ongoing energy transition or a healthy set of initiatives for the recovery of the U.S economy. I agree with Mitch McConnel on one thing. This is a “Trojan Horse.” Just on a more massive scale than perhaps he & most Americans realize…
They want to tax us for everything all over this Global warming/Climate Change Scam for a fake crisis its all about One World Government all under their Useless Nations and lead by their fake Goddess Greta Thunberg
“The measure, if passed, would increase the corporate tax rate from 21 percent to 28 percent, soaring over the 25 percent corporate tax rate of Communist China.”
Still historically low. The 28% is down 7% compared to the Reagan Years, and almost 1/2 the rate as during the Eisenhower Administration:
https://www.thebalance.com/corporate-income-tax-definition-history-effective-rate-3306024
.
There were far more “loopholes” in those years and no one, either private or corporate, paid anywhere near the nominal rate.
Ya think it’s different now?
The rich and powerful can always find a way to screw over the little guy:
“- Corporate share of federal tax revenue has dropped by two-thirds in 60 years — from 32% in 1952 to 10% in 2013.
– General Electric, Boeing, Verizon and 23 other profitable Fortune 500 firms paid no federal income taxes from 2008 to 2012.
– 288 big and profitable Fortune 500 corporations paid an average effective federal tax rate of just 19.4% from 2008 to 2012.
– Profitable corporations paid U.S. income taxes amounting to just 12.6% of worldwide income in 2010.
– U.S. corporations dodge $90 billion a year in income taxes by shifting profits to subsidiaries — often no more than post office boxes — in tax havens.
– U.S. corporations officially hold $2.1 trillion in profits offshore — much of it in tax havens — that have not yet been taxed here.”
https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-corporate-tax-rates/