Released April 01, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--President Joe Biden's $2 trillion infrastructure plan includes all sorts of goodies like funding to repair bridges and roads, modernize transportation systems and boost manufacturing. On the other hand, the plan would pay for those items by hiking the corporate tax rate and increasing taxes on companies' foreign income, which is sure to run into opposition in Congress.
Biden unveiled his "American Jobs Plan" Wednesday afternoon in Pittsburgh, Pennsylvania.
"Today, I'm proposing a plan for the nation that rewards work, not just rewards wealth," Biden said. He added the plan would create millions of jobs.
The plan would invest an additional $621 billion in transportation infrastructure over the next eight years, including $115 billion to modernize bridges and repair 20,000 miles of highways, roads and main streets, according to the White House.
In March, the America Society of Civil Engineers (ASCE) issued its 2021 Report Card for America's Infrastructure, which gave the nation a grade of "C-." The ASCE report card covers 17 infrastructure categories. Between 2017 and 2021, five category grades increased, while only one -- bridges -- decreased. Also, the American Road & Transportation Builders Association (ARTBA) said this week that the number of structurally deficient bridges in the U.S. declined 2.5% last year to 45,000, but it would take 40 years to repair the current backlog of structurally deficient bridges at the current pace of repairs. For more information, see March 4, 2021, article - U.S. Energy Infrastructure Receives Improved Grade on Report Card from Civil Engineers and March 26, 2021, article - U.S. Cement Manufacturers Keep Hopes Up for U.S. Infrastructure Repair Plan.
The transportation segment of the plan also would invest $85 billion to modernize existing transit systems, earmark $80 billion to address Amtrak's repair backlog and modernize and repair existing rail corridors.
Industrial Info is tracking nearly $182 million worth of U.S. transportation-related projects, ranging from high-speed rail systems to airport terminal expansions.
In keeping with its climate change agenda, the Biden administration is proposing a $174 billion allocation to boost the electric vehicle (EV) market by enabling automakers "to spur domestic supply chains from raw materials to parts, retool factories to compete globally, and support American workers to make batteries and EVs," according to a "fact sheet" released by the White House. It also would give consumers point-of-sale rebates and tax incentives to buy American-made EVs. Click here for a list of U.S. electric vehicle manufacturing projects being tracked by Industrial Info.
The plan also would funnel $25 billion into airport upgrades and $17 billion for inland waterways and coastal ports.
Other parts of the infrastructure plan call for:
But the plan also calls for a number of items that don't seem as quite infrastructure-centric, such as $400 billion for home health services and $213 billion to build and renovate housing.
Biden would pay for the plan by raising the corporate tax rate to $28%, up from 21%, and raising the global minimum tax for U.S. multinational corporations to 21%, and other measures that would raise more than $2 trillion over the next 15 years. The plan also calls for eliminating "tax preferences for fossil fuels and make sure polluting industries pay for environmental clean-up."
American Petroleum Institute Senior Vice President for Policy, Economic and Regulatory Affairs Frank Macchiarola responded; "Targeting specific industries with new taxes would only undermine the nation's economic recovery and jeopardize good-paying jobs, including union jobs. It's important to note that our industry receives no special tax treatment, and we will continue to advocate for a tax code that supports a level playing field for all economic sectors along with policies that sustain and grow the billions of dollars in government revenue that we help generate."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Biden unveiled his "American Jobs Plan" Wednesday afternoon in Pittsburgh, Pennsylvania.
"Today, I'm proposing a plan for the nation that rewards work, not just rewards wealth," Biden said. He added the plan would create millions of jobs.
The plan would invest an additional $621 billion in transportation infrastructure over the next eight years, including $115 billion to modernize bridges and repair 20,000 miles of highways, roads and main streets, according to the White House.
In March, the America Society of Civil Engineers (ASCE) issued its 2021 Report Card for America's Infrastructure, which gave the nation a grade of "C-." The ASCE report card covers 17 infrastructure categories. Between 2017 and 2021, five category grades increased, while only one -- bridges -- decreased. Also, the American Road & Transportation Builders Association (ARTBA) said this week that the number of structurally deficient bridges in the U.S. declined 2.5% last year to 45,000, but it would take 40 years to repair the current backlog of structurally deficient bridges at the current pace of repairs. For more information, see March 4, 2021, article - U.S. Energy Infrastructure Receives Improved Grade on Report Card from Civil Engineers and March 26, 2021, article - U.S. Cement Manufacturers Keep Hopes Up for U.S. Infrastructure Repair Plan.
The transportation segment of the plan also would invest $85 billion to modernize existing transit systems, earmark $80 billion to address Amtrak's repair backlog and modernize and repair existing rail corridors.
Industrial Info is tracking nearly $182 million worth of U.S. transportation-related projects, ranging from high-speed rail systems to airport terminal expansions.
In keeping with its climate change agenda, the Biden administration is proposing a $174 billion allocation to boost the electric vehicle (EV) market by enabling automakers "to spur domestic supply chains from raw materials to parts, retool factories to compete globally, and support American workers to make batteries and EVs," according to a "fact sheet" released by the White House. It also would give consumers point-of-sale rebates and tax incentives to buy American-made EVs. Click here for a list of U.S. electric vehicle manufacturing projects being tracked by Industrial Info.
The plan also would funnel $25 billion into airport upgrades and $17 billion for inland waterways and coastal ports.
Other parts of the infrastructure plan call for:
- Replacing all of the nation's lead pipes and service lines at a cost of $111 billion
- Spending $100 billion to bring high-speed broad band to 100% coverage in the U.S.
- Fortifying the U.S. power transmission system to the tune of $100 billion, with the creation of a targeted investment tax credit that incentivizes the buildout of at least 20 gigawatts (GW) of high-voltage capacity power lines
- A 10-year extension and phase down of an expanded direct-pay investment tax credit and production tax credit for clean energy generation and storage
But the plan also calls for a number of items that don't seem as quite infrastructure-centric, such as $400 billion for home health services and $213 billion to build and renovate housing.
Biden would pay for the plan by raising the corporate tax rate to $28%, up from 21%, and raising the global minimum tax for U.S. multinational corporations to 21%, and other measures that would raise more than $2 trillion over the next 15 years. The plan also calls for eliminating "tax preferences for fossil fuels and make sure polluting industries pay for environmental clean-up."
American Petroleum Institute Senior Vice President for Policy, Economic and Regulatory Affairs Frank Macchiarola responded; "Targeting specific industries with new taxes would only undermine the nation's economic recovery and jeopardize good-paying jobs, including union jobs. It's important to note that our industry receives no special tax treatment, and we will continue to advocate for a tax code that supports a level playing field for all economic sectors along with policies that sustain and grow the billions of dollars in government revenue that we help generate."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
