Infrastructure plan could include $3 Trillion in tax increases

From Transport Topics.

President Joe Biden is aiming for summer passage of an infrastructure plan that is expected to cost more than $3 trillion, and the White House hopes to take a more deliberate and collaborative approach with the contentious Congress than it did on the COVID-19 rescue package, officials said.

The president will announce parts of his “Build Back Better” package March 31 in Pittsburgh. Sweeping in scope, the ambitious plan aims to make generational investments in infrastructure, revive domestic manufacturing, combat climate change and keep the United States competitive with China, according to the officials. It could include $3 trillion in tax increases.

The final price tag is in flux but was expected to be between $3 trillion and $4 trillion. One White House official said March 29 that it may end up being closer to $3 trillion.

Though the White House is emphasizing the urgency, it also insists this will not be considered an emergency response like the $1.9 trillion virus relief bill that Biden signed into law over Republican objections earlier this month. The administration wants to see progress on the new legislation by Memorial Day and have it passed over the summer, White House officials said.

“The president has a plan to fix our infrastructure and a plan to pay for it,” White House press secretary Jen Psaki said March 29. “But we certainly expect to have the discussion with members of Congress, as we move forward, about areas where they agree, where they disagree, where they would like to see greater emphasis or not.”

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