Republicans reveal rebuttal to President's infrastructure bill
Federal Infrastructure Update:
Last week, Senate Republicans unveiled a $928 billion infrastructure counteroffer to President Biden’s last offer of $1.7 trillion, inching a little closer to a bipartisan deal. The counteroffer includes:
• $506 billion for roads, bridges and major infrastructure projects, including $4 billion for electric vehicles
• $98 billion for public transit
• $72 billion for water systems
• $65 billion for broadband
• $56 billion for airports
• $46 billion for passenger and freight rail systems
• $22 billion for ports and waterways
• $22 billion for water storage
• $21 billion for safety efforts
• $20 billion for infrastructure financing
The latest Republican plan is an increase from the original offer of $568 billion and dedicates those funds over eight years. Rather than paying for the plan with tax increases, Republicans propose to redirect federal unspent COVID aid that Congress has already approved for other projects. President Biden pays for the plan by increasing the corporate tax rate to 28%, increasing the top federal income tax rate to 39.6% for those earning more than $400,000, and expanding the capital gains tax.
The National Association of Manufacturers have asked lawmakers to oppose tax increases that, they say, would make American employers uncompetitive and cost America jobs.
Meanwhile, the Communications Workers of America say the Biden plan would be a big boost to getting more jobs available to those who are unemployed.