Biden infrastructure/tax increase megathread

[brucejoel99]

White Straight Old Men deliver Populist Reforms that will MAGA!  💪

This but unironically. Take your sarcasm & go cry harder, Trumpist!

[brucejoel99]

White Straight Old Men deliver Populist Reforms that will MAGA!  💪

This but unironically. Take your sarcasm & go cry harder, Trumpist!

Eh? I was deadly serious. I've always been for Trump's Populist Deal, and criticized Pelosi for killing Trump Populist Deal 2.0. Why wouldn't I like Biden's? The same with Afghanistan - if Biden really make it, I'll be first to applaud.

Because seemingly nothing in the 2,250 posts you authored prior to this reply would indicate as much.

[brucejoel99]

How is this news, exactly? The White House not pursuing an outright wealth tax was confirmed weeks ago.

[brucejoel99]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

[snip]

I hope, Biden will refuse.

Wow, a Trump supporter who wants to keep punishing (non-Atlas) blue state middle-class home-owners for just existing? I'm shocked! Shocked, I tell ya!!

Looks like the spending priorities are out:

-$400 billion spending on in-home care
-$300 billion to promote advanced manufacturing
-$215 billion for research and development
-$174 billion for electric vehicles
-$115 billion for roads and bridges
-$111 billion for water infrastructure ($45 billion to deal with lead pipes)
-$100 billion for the electric grid
-$100 billion for broadband
-$85 billion for public transit
-$80 billion for Amtrak and freight rail
-$50 billion for infrastructure resilience from natural disasters
-$46 billion to electrify government vehicles
-$42 billion for ports and airports
-$16 billion to help fossil fuel workers transition
-$10 billion for a Civilian Climate Corps

Seems aight. I'd prefer to spend more on actual trains and roads and less on weird industrial policy, but it's solid. Also, 80-20 is dead which is huge for transit.

This plan actually makes me feel a little bit hopeful & optimistic about our country. We've been coasting on the infrastructure accomplishments of 70 years ago for so long now. Who knew we could actually invest in growth & grow the pie again!?

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

If the minimum wage wasn't eligible under the Byrd rule, then I don't see how a RTW-ban would be either, but I guess it's worth a shot.

[brucejoel99]

Potential 2024 candidate and bonafide satan hater Kristi Noem brings up a great point about Biden’s infrastructure plan: it gives money for things like houses and pipes

https://twitter.com/acyn/status/1377429336014262275?s=21

Beyond parody.

[brucejoel99]

Amtrak planning major expansions.

https://earther.gizmodo.com/amtrak-made-a-bigger-map-1846599003

I love how even with the funding infusion, they still expect the New Orleans-Jacksonville line to be "suspended" in 2035 ("suspended" in quotation marks since it's literally been "suspended" since Katrina, i.e. 16(!) years ago).

[brucejoel99]

https://twitter.com/jonathanvswan/status/1377748114916917252
 

Pelosi just said yesterday that she hopes to do it, so unless Biden's threatening to veto (which is, y'know, lol), this doesn't actually stop Congress from just adding the proposal in on their own.

[brucejoel99]

https://twitter.com/jonathanvswan/status/1377748114916917252
 

Pelosi just said yesterday that she hopes to do it, so unless Biden's threatening to veto (which is, y'know, lol), this doesn't actually stop Congress from just adding the proposal in on their own.

I wish Pelosi was fighting as hard to keep schools open (benefits the "backbone" of D) rather than against SALT cap (benefits the top 1%, aka Donors of the Pelosi).

https://itep.org/salt-cap-repeal-has-no-place-in-covid-19-legislation-national-and-state-by-state-data/

https://i.imgflip.com/546p3t.jpg

$170B worth of facts don't care about your feelings.

[brucejoel99]

Then why would it get taken out of the House bill, if it passed the House with it? That logic works both ways.

Because flip happen towards what Biden wants through negotiation, not the other way around.

Well, then that begs the question: is not repealing the SALT-cap something that Biden would actively want & summarily push for behind-the-scenes as a result, or something that he & his team are passively suggesting that they'd prefer but can live without if need be? Because Swan's reporting on Axios was that Biden "doesn't plan to" repeal the cap & "is unlikely to propose" it, but just on the face of it, that sounds a lot closer to a passive "we'd rather you don't but it's not the end of the world if you do" (i.e. the perfect set-up for a situation in which Pelosi is sympathetic to repealing the cap & enough of her caucus is threatening to at least make detrimental noise without repeal) than an active "this is a dealbreaker, Joey's getting what Joey wants."

[brucejoel99]

Biden's Infrastructure plan will cost ~$2.2T over 10 years, or ~$220B a year (DoD budget is by the way ~$700B a year).

Repeal of the SALT cap would cost about ~$80B a year (if I understand correctly). How does Pelosi want to pay for that? Cut Biden's plan? Add to deficit?

However, repealing the cap would also supply a big tax break to high-income households. Suspending the limitation for one year would cost the government about $88.7 billion, with more than half of the benefits flowing to those earning more $1 million a year, according to the non-partisan Joint Committee on Taxation.

Raising the corporate tax rate, cracking down on companies offshoring profits, & eliminating certain tax breaks for some industries. You damn well already knew that, so don't be disingenuous (at best) or a liar (at worst), & by the way: not only do you have no leg of credibility to stand on when it comes to caring about adding to the deficit after the last 4 years, but with the aforementioned tax increases incorporated elsewhere, the infrastructure package would not only pay for itself in 15 years, but would thereafter reduce the deficit, as opposed to adding to it. So, TL;DR - get the f**k off what's either your disingenuous or outright lying (& not to mention, easily, demonstrably & provably wrong) high horse.

[brucejoel99]

Biden's Infrastructure plan will cost ~$2.2T over 10 years, or ~$220B a year (DoD budget is by the way ~$700B a year).

Repeal of the SALT cap would cost about ~$80B a year (if I understand correctly). How does Pelosi want to pay for that? Cut Biden's plan? Add to deficit?

However, repealing the cap would also supply a big tax break to high-income households. Suspending the limitation for one year would cost the government about $88.7 billion, with more than half of the benefits flowing to those earning more $1 million a year, according to the non-partisan Joint Committee on Taxation.

Raising the corporate tax rate, cracking down on companies offshoring profits, & eliminating certain tax breaks for some industries. You damn well already knew that, so don't be disingenuous (at best) or a liar (at worst), & by the way: not only do you have no leg of credibility to stand on when it comes to caring about adding to the deficit after the last 4 years, but with the aforementioned tax increases incorporated elsewhere, the infrastructure package would not only pay for itself in 15 years, but would thereafter reduce the deficit, as opposed to adding to it. So, TL;DR - get the f**k off what's either your disingenuous or outright lying (& not to mention, easily, demonstrably & provably wrong) high horse.

See? Democrats closed the schools, and some already are worse at reading (kids) and have anxiety problems (kids and parents).

Spoiler alert! Click Show to show the content.

Show

https://www.nbcnews.com/news/education/when-covid-19-closed-schools-black-hispanic-poor-kids-took-n1249352
When Covid-19 closed schools, Black, Hispanic and poor kids took biggest hit in math, reading

https://blogs.worldbank.org/education/it-time-return-learning

But closing down schools goes beyond losing core skills – there is mounting evidence of its effects on anxiety, depression, and considerable harm to children’s mental health and well-being. School closures have also been associated with an increase in suicide rates among children and adolescents. In addition, school closures reduce female labor participation and increase the gender wage gap. 

Biden proposed ~$2.2T plan and how one will pay for that. Pelosi want to repeal the SALT cap, which would additional ~$80B a year.

My first post had a mistake though. Biden propose to pay for it over 15 years, not 10. So it will cost ~140B a year, not 220B.

That means that Pelosi wants to increase the cost of Biden's Plan by almost 60% (~$80B a year.). How does she want to pay for that?

Talk about somebody not knowing how to read:

Raising the corporate tax rate, cracking down on companies offshoring profits, & eliminating certain tax breaks for some industries. You damn well already knew that, so don't be disingenuous (at best) or a liar (at worst), & by the way: not only do you have no leg of credibility to stand on when it comes to caring about adding to the deficit after the last 4 years, but with the aforementioned tax increases incorporated elsewhere, the infrastructure package would not only pay for itself in 15 years, but would thereafter reduce the deficit, as opposed to adding to it. So, TL;DR - get the f**k off what's either your disingenuous or outright lying (& not to mention, easily, demonstrably & provably wrong) high horse.

[brucejoel99]

So, let me see if I understand how things stand

The Democrats are currently preparing a reconciliation bill for the 2022 FY

They plan to spend 4 trillion dollars

They have split the bill into two pieces. The 2 trillion that covers healthcare and education will be part of the 2022 reconciliation bill this Summer.

The infrastructure and tax bill is 2 trillion. Biden hopes republicans will vote for it as a separate bill, clearing 60 votes. If not, they’ll combine this bill with the reconciliation bill for a massive 4 trillion reconciliation bill.

Is that correct?

Not entirely: Schumer is currently attempting to invoke a loophole deriving from Sect. 304 of the Budget Act which - if approved - would basically allow for a 2nd FY 2021 reconciliation bill (if approved, it'd also theoretically allow for a 3rd FY 2021 bill, & a 4th one, & a 5th, & so on & so forth, but realistically speaking, there's only enough time for a 2nd one before they have to use a FY 2022 bill). If the Parliamentarian signs off on this procedure, the $2T+ American Jobs Plan - which is the infrastructure plan that Biden just announced in Pittsburgh this week - would comprise the 2nd FY 2021 reconciliation bill to be passed in ~Jul. while the follow-up $2T+ American Families Plan would comprise the 1st FY 2022 reconciliation bill to be passed in ~Sept. If the Parliamentarian gives a thumbs-down on this, then both of these plans - the AJP & the AFP - would be combined into a mega $4T+ Build Back Better plan that comprises the FY 2022 reconciliation bill, to be passed in ~Sept.

Also, any chance a public option will be in the FY 2022 bill? Or even a minimum wage increase

Not really & no, respectively: it still looks like the public option is being saved for a post-Build Back Better reconciliation bill, but whether it's a 2nd/3rd FY 2022 bill or the sole FY 2023 bill remains to be seen, pending the Parliamentarian's ruling, & as for the minimum-wage, the Parliamentarian already ruled previously - while the ARP was being moved through Congress - that a minimum-wage increase isn't eligible for inclusion within a reconciliation package.

[brucejoel99]

The Manchin Cycle proceeds on schedule...

[brucejoel99]

https://twitter.com/bresreports/status/1379198557048168451?s=21

Praise be to our based Queen, Elizabeth MacDonough.

[brucejoel99]

Thank you Mr. Bezos!
https://twitter.com/msnbc/status/1379555275049463816?s=21

Something's wrong, I can feel it.

[brucejoel99]

Every NY House Dem except AOC & Rice is drawing a hard line in the sand on repealing the SALT cap.

[brucejoel99]

https://twitter.com/kylegriffin1/status/1382347919454474243

Keeping the foot on the gas, you love to see it.

[brucejoel99]

So-called Senate GOP 'moderates' will be proposing a non-starter of a counter-offer that cuts Biden's infrastructure plan by more than half, as well as shift the financial burden away from the wealthy and corporations to everybody else.  And following their playbook from the Obama years, they will vote against their own plan should it come close to becoming law even if Democrats adopt it:

A bloc of Senate Republicans prepare their own infrastructure plan as Biden tries to ramp up outreach

The Republican alternative is expected to be less than half the size of the White House’s plan, according to party lawmakers, who in recent days have suggested its total price tag could ultimately cost between $600 billion and $800 billion.

Moderate GOP members of Congress also have pledged to narrow their focus to include only the elements they consider traditional infrastructure, such as roads and bridges, while jettisoning the corporate tax increases that Biden has endorsed in favor of other ways of financing the overall package.

Capito explained that most of the money would go toward roads and bridges and not items many Republicans allege are unrelated to infrastructure. And she joined Republicans in blasting Biden’s proposed tax increases as a nonstarter for the GOP, echoing the staunch opposition earlier this week from Senate Minority Leader Mitch McConnell (R-Ky.).

Romney later said the $800 billion price tag may be “a little high,” though he said the proposal is likely to include funding for highways, railways, airports, water and sewer systems, and Internet connectivity. The GOP lawmaker said he hopes to finance it through fees on the users of those services, a category of revenue-raisers that could include higher payments on drivers of gas-powered or electric vehicles. Democrats largely have resisted the idea, fearing it may encroach on Biden’s pledge not to raise taxes on Americans who make under $400,000 per year.

As many of us suspected from the start, they are clearly more interested in playing gotcha games than in governing.  

This literally reads like "COVID Package 2: Electric Boogaloo." Even the numbers are copy/pasted: $600B!? If congressional Republicans really wanna do the same exact dance that we just went through on the COVID package, then they'll really be doing nothing but proving that all of this is just one of the most hilarious charades of all-time.

[brucejoel99]

The $1.8T package is just the counter-offer to the Senate GOP's offer, so if/when the Senate GOP doesn't go for it, then Biden & Congress will presumably just budget reconciliation a package of whatever size they want (i.e., the original $2.3T).

Also, the public option was never gonna be a part of a fiscal year's budget proposal in & of itself. Rather, it was always - & still remains - very likely to constitute the FY2023 reconciliation package that Congress would pass ~this time next year.

[brucejoel99]

Biden is determined to get this done:

https://twitter.com/CNNPolitics/status/1396520321134600197

White House senior adviser Cedric Richmond said Sunday that President Joe Biden will "change course" on his massive infrastructure bill if inaction on the costly proposal seems inevitable.
"He wants a deal. He wants it soon, but if there's meaningful negotiations taking place in a bipartisan manner, he's willing to let that play out. But again, he will not let inaction be the answer. And when he gets to the point where it looks like that is inevitable, you'll see him change course," Richmond told CNN's Dana Bash on "State of the Union" when asked how much longer Biden would pursue a bipartisan deal before moving on without congressional Republicans.
"But for now, we're engaged in a what we want to be a bipartisan infrastructure bill that invests in the backbone of this country -- the middle class -- and our future," Richmond added.

[...]

This will be steamrolled through once the Republicans formally back out, news at 11:

[brucejoel99]

Alright Manchin, there's your bipartisan charade. Now let's ram this through! Biden Budget Reconciliation 2.0, here we go!!

At least he ended the nowhere discussion with Capito, but why he's still reaching across the aisle is mindboggling to me. Although he is meeting with Schumer, Sinema, and Manchin so hopefully he's really just focusing on getting the borderline Dems to agree to a deal.

He did it because Joe Manchin has publicly demanded it.

So we’ve now cut the package in half for no gain at all. But thank god Mr. Manchin got to feed his ego.

The $1T package was just the final counter-offer to the Senate GOP's offers, which they still didn't go for, so Biden & Congress are free to just budget reconciliation a package of whatever size they want (i.e., the original $2.3T) now.

[brucejoel99]

Biden, Pelosi, Schumer, & Bernie have all made clear that this bipartisan bill isn't passing without Manchin/Sinema agreeing to a follow-up reconciliation package that contains the remainder of the American Jobs & Families Plans, so it's fine by me.

[brucejoel99]

Five Republicans aren’t ten.

All 11 Republican members of the bipartisan G21 group support it, so it has the votes unless & until McConnell f**ks it up.

[brucejoel99]

Who's gonna pay for this $950B package? Did they keep the tax hikes on the rich?

Edit: nvm saw that there's no new taxes. Garbage

I've read that it is fully paid for, partially through stronger IRS enforcement.

Yes, in addition to reshuffling unused COVID-relief money (like Biden said, he didn't get everything he wanted, as this had once been a no-go), extending customs user fees, reinstating Superfund fees for chemicals, & 5G spectrum auction proceeds. The reconciliation package will still be paid for by enacting a tax increase on corporations & wealthy Americans.

[brucejoel99]

https://twitter.com/LindseyGrahamSC/status/1408159419481866244

Welp, Graham is one of the 11 Republican members of their G21 gang, so if they lose even just 1 more member of the sub-group thereof that wasn't directly involved in these bipartisan infrastructure negotiations - Burr, Moran, Rounds, Tillis, & Young - then it was a fun ride while it lasted. "Reconciliation 2: Electric Boogaloo" it will fully be, then.