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Biden's American Jobs Plan

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  • Biden's American Jobs Plan

    From his SOTU speech.

    fact sheet:
    https://www.whitehouse.gov/briefing-...can-jobs-plan/

    Excerpts:

    While the American Rescue Plan is changing the course of the pandemic and delivering relief for working families, this is no time to build back to the way things were. This is the moment to reimagine and rebuild a new economy. The American Jobs Plan is an investment in America that will create millions of good jobs, rebuild our country’s infrastructure, and position the United States to out-compete China. Public domestic investment as a share of the economy has fallen by more than 40 percent since the 1960s. The American Jobs Plan will invest in America in a way we have not invested since we built the interstate highways and won the Space Race
    ...
    Like great projects of the past, the President’s plan will unify and mobilize the country to meet the great challenges of our time: the climate crisis and the ambitions of an autocratic China. It will invest in Americans and deliver the jobs and opportunities they deserve. But unlike past major investments, the plan prioritizes addressing long-standing and persistent racial injustice. The plan targets 40 percent of the benefits of climate and clean infrastructure investments to disadvantaged communities. And, the plan invests in rural communities and communities impacted by the market-based transition to clean energy. Specifically, President Biden’s plan will:
    ...
    • Fix highways, rebuild bridges, upgrade ports, airports and transit systems.
    • Deliver clean drinking water, a renewed electric grid, and high-speed broadband to all Americans.
    • Build, preserve, and retrofit more than two million homes and commercial buildings, modernize our nation’s schools and child care facilities, and upgrade veterans’ hospitals and federal buildings.
    • Solidify the infrastructure of our care economy by creating jobs and raising wages and benefits for essential home care workers.
    ,,,
    Alongside his American Jobs Plan, President Biden is releasing a Made in America Tax Plan to make sure corporations pay their fair share in taxes and encourage job creation at home.



    Observations:

    Sounds like another democrat scheme to create jobs that are dependent on government for cash flow instead of actually making a profit in the free market. More government dependency.

    AM I reading that last part right? He plans to hobble businesses that try to keep things made in the USA with overbearing taxes, thus ensuring they outsource to China? Why would someone want to make something in America when they will be punished for it with more taxes? He is doing the exact opposite of what Trump did when Trump brought jobs back to the USA from overseas.

    Thanks, Biden.


  • #2
    OK from what I can tell, the Made in America Tax Plan is supposed to charge more for off-shore business than American made, so that is good. Unfortunately he is raising the taxes ON BOTH.

    1. Raising the corporate tax rate from 21 to 28 percent. Some commentators are suggesting that this could be compromised down to 25 percent.
    2. Setting a global minimum tax rate for U.S. multinationals at 21 percent. The rate would be tied to book income, rather than taxable income. The administration is also trying to revive the OECD discussions around a worldwide minimum tax proposal to try to avoid a “race to the bottom” among nations in setting corporate tax rates.
    3. Eliminating an incentive for U.S. multinationals to locate investments overseas.
    4. Preventing U.S. corporations from inverting or being located in a tax haven.
    5. Eliminating expense deductions related to offshoring of jobs and providing a tax credit for onshoring jobs.
    6. Eliminating tax breaks for the fossil fuel industries, with polluters required to pay into the Superfund Trust Fund.
    7. Providing tax incentives for carbon recapture and sequestration, long-distance transmission lines, sustainable aviation fuel, and increasing protections from droughts, wildfires and floods.
    8. Extending the tax credits for clean-energy generation and storage and advanced energy projects.
    9. Increasing IRS funding to expand corporate audit activity.
    https://www.accountingtoday.com/opin...erica-tax-plan

    Comment


    • #3
      Maybe one of these days, Democrats will figure out that a tax increase on businesses is effectively a tax increase on the middle class. As I once heard it said, businesses don't pay taxes, they collect them. If you raise their taxes, they will simply pass that increase on to the consumer in the form of higher prices.
      Some may call me foolish, and some may call me odd
      But I'd rather be a fool in the eyes of man
      Than a fool in the eyes of God


      From "Fools Gold" by Petra

      Comment


      • #4
        Originally posted by Mountain Man View Post
        Maybe one of these days, Democrats will figure out that a tax increase on businesses is effectively a tax increase on the middle class. As I once heard it said, businesses don't pay taxes, they collect them. If you raise their taxes, they will simply pass that increase on to the consumer in the form of higher prices.
        I believe you might be paraphrasing Reagan, although I don't know if it it originated with him.

        I'm always still in trouble again

        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
        "Of course, human life begins at fertilization thatís not the argument." --Tassman

        Comment


        • #5
          I agree that the Internet in the US is relatively lousy. If this country wants to stay competitive in a modern world, we'd better get it straightened out.

          And no more tax breaks to AT&T to lay fiber optics, since all they did was pocket the money and did virtually nothing.

          Comment


          • #6
            I think Pal Joey showed us his jobs plan on his first day in office.

            Comment

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