President Biden has committed to passing a federal infrastructure package. This week, the White House released details on what the President wants that package to include. An infrastructure investment has the potential to equip America with safer roads, bridges, and pipes, more efficient public transit systems, universal broadband, and many well-paying jobs. Although the final plan approved by Congress may look different, the President’s proposal is a starting point that kicks off negotiations and demonstrates his administration’s priorities.
President Biden’s American Jobs Plan proposal includes:
- Repairing 20,000 miles of highways and roads and 10,000 small bridges across the U.S.
- New buses and rail cars
- Investments in airports and train stations
- Broadband for every American
- Replacement of all lead pipes
- Modernization of drinking, waste, and storm water infrastructure
- Tax credits to build high-voltage electric transmission lines
- Subsidies to help low-income customers access broadband
- Implementation of a clean energy standard, with the goal of 100% carbon-pollution free power by 2035
- Creation of a Civilian Climate Corps
- Elimination of tax preferences for fossil fuel producers
Other Community Investments
- Capital improvement funds for public schools, community colleges, childcare facilities, veterans’ hospitals, and other federal buildings
- Investment in Brownfield and Superfund site development
- Funds to reconnect communities divided by transportation infrastructure
- Establishment of regional innovation hubs and small business incubators
- Enactment of the Protecting Right to Organize (PRO) Act, which would add protections against employer retaliation to organizing, override Janus opt-out provisions, and limit independent contractor designations for gig workers.
- Prevailing wage requirements
- Buy American and Ship American requirements
Revenue and Taxation
- Increased corporate tax rate of 28%
- Increased Global Minimum Tax Rate of 21%
- New 15% minimum tax on “book income”
The BNP will continue to work with federal partners to address our regional infrastructure priorities while using a sensible revenue approach to maximize the plan’s economic benefit. The BNP will keep you informed of any updates from Washington.