Report: Biden infrastructure plan will not be paid for
UPDATED 11:40 AM PT – Sunday, April 11, 2021
A journalist at the New York Times warned Joe Biden’s infrastructure plan will not be paid for.
Analysts said tax increases were on the table to pay for the massive $2 trillion plan, however, Biden has been clear he’s willing to negotiate. They said when it comes to raising the corporate tax rate from 21 to 28 percent, the administration could compromise on the matter in order to get a “yes” vote on the floor.
“I think the Democrats will get what they want on spending and then they’ll compromise on tax increases,” Brooks stated. “And so, the plan will not be paid for. That would fit the norm.”
In the meantime, the White House has said it is prepared to negotiate the tax hikes needed to pay for the current infrastructure plan. The administration could reportedly also seek a higher personal income tax from the country’s wealthiest residents or increase the federal gas tax.