Published: Thu, April 01, 2021
Economy | By

US Chamber of Commerce says Biden infrastructure bill is 'dangerously misguided'

US Chamber of Commerce says Biden infrastructure bill is 'dangerously misguided'

White House officials have said the tax increases would, over 15 years, cover the cost of the package.

"It's time to build our economy from the bottom up and from the middle out, not from the top down".

"It's a once-in-a-generation investment in America, unlike anything we've seen or done since we built the interstate highway system and the space race decades ago".

"We can't delay another minute".

Shares of electric vehicle maker Tesla Inc were up 3.7% at $659.32 in early afternoon trading, and the stocks of USA solar companies including SunPower, Sunrun and First Solar were also trading higher.

That makes the $2 trillion infrastructure blueprint one of the administration's biggest steps to date in achieving its agenda to decarbonize the US economy by 2050 and restore the nation's leadership in addressing global warming.

"Investments in infrastructure have always been bipartisan, and in that spirit, we hope to craft and pass an historic package to Build Back Better: creating jobs, justice and opportunity for all", House Speaker Nancy Pelosi said.

Mr. Biden also stressed that it would reward "hard-working" Americans instead of the wealthy of Wall Street, countering an economy that had become "distorted and unfair", particularly under his predecessor Donald Trump.

"No one making under $400,000 will see their federal taxes go up, period".

"This is not to seek retribution. Here's the truth: We all do better when we all do well".

It's unclear whether the new tax credit would raise or abolish the sales limit for automakers.

Yes. Along with the spending, the White House has proposed a number of tax increases, including raising the corporate tax rate to 28% from 21% and tightening a series of global tax rules. I have nothing against millionaires and billionaire. "I believe in American capitalism", he said.

By contrast, it would strip away billions of dollars' worth of subsidies available to fossil fuels producers, mainly in the form of tax breaks.

A new group led by Republican operatives including Marc Short, former Vice President Mike Pence's chief of staff, also plans a campaign of as much as $50 million to target Democratic and possibly some Republican members of Congress who support the tax increase with ads in their districts.

"The funding levels outlined in the White House plan are simply inadequate to meet the essential task of replacing our nation's crumbling water infrastructure, while assuring clean, safe and affordable water for all", Wenonah Hauter, Food & Water Watch executive director, said.

Congressional Democrats say they are ready to deliver on Biden's agenda, but they also note that a two-part, sweeping $4 trillion-plus proposal will be received in a very different manner than Biden's first significant legislative victory. Still, Biden said he's open to working with Republicans who have different ideas about how to improve the nation's infrastructure.

Meanwhile, investors were assessing early reports on Biden's US$2 trillion (S$2.7 trillion) infrastructure plan, the details of which were released in Pittsburgh later in the day.

What this money does, and it's only a quarter of the massive bill, and what it does, is it actually takes money that blue cities and states have already earmarked for infrastructure, with their large tax hikes and their large tax plans that they already have in place, it takes that money, allows them to divert those funds to other left-wing projects, then fill in the hole with federal tax dollars.

He said he was open to alternative ideas from lawmakers, including Republicans, but was determined to push through a program he called vital to buttress America's flagging competitiveness against other nations led by China.

"He knows how to reach to the other side and make good things happen", she said of the president.

"We will have a good-faith negotiation", he said.

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