President Biden has proposed Several New Taxes (or Tax Increases)

Topic: President Biden has proposed several new taxes (or tax increases) to pay for the infrastructure bill that he wants Congress to pass.  Discuss one or two of his proposed increases and explain whether you think this is an appropriate tax or not?  Are there any alternatives you would recommend?

Write your initial post of no more than 300 words and then respond to two other classmates

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1. The 2017 TCJA will lapse after 2025, so why not leave it alone until then?

President Biden is proposing an infrastructure bill investing over $621 billion on the repair of American roads and bridges, modernizing public transit, investing in reliable passenger and freight rail services, creating good jobs electrifying vehicles, improving ports waterways and airports, redressing historic inequities and build the future of transportation infrastructure, making our infrastructure more resilient, and investing resources wisely to deliver infrastructure projects that produce real results. How is all of this going to be funded? President Biden is proposing several new tax increases to pay for all of this.

The proposal would raise the corporate tax rate to 26.5 percent from the current 21 percent, for corporations that have over $5 million in net income. Doing so would decrease capital investment in the US, and in the long-term result in lower wages and growth. The plan also intends on raising Capital Gains Tax rates. Are there any alternatives I would recommend? As a CFO I continuously look at wasteful spending. Our government needs to stop looking for ways to raise taxes and start looking for ways they can cut wasteful spending.

The 2017 TCJA will lapse after 2025, so why not leave it alone until then?

 

2. Is the Republican alternative for the infrastructure bill a better option rather than Biden’s proposed bill??

In the early months of 2021, President Biden released his proposed bill to rebuild the infrastructure of the United States. According to Jim Tankersley, this proposed bill is for $2 trillion. The 2 trillion dollars would supposedly transfer into 20,000 miles of rebuilt roads, repairs to the 10 most economically important bridges, the elimination of lead pipes from the nation’s water supplies and create millions of jobs in the short and the long run. When the pandemic hit the country spent money that we did not have make sure that everyone that was out of a job for about a month got the unemployment they needed. Even to this day almost two years later there are peoples still on unemployment. Causing the U.S. to go even farther into the debt hole that we are already $28.5 trillion dollars deep in.

The bipartisan group of Congress not long after Biden’s proposal put out their alternative for the infrastructure bill. The plan is a five-year $568 billion dollar plan. According to David Morgan, the bipartisan proposal would cost half as much as Biden’s and spend three times more to revitalize America’s roads and bridges. The proposal is not supposed to raise the corporate tax like the proposal of Biden. Biden’s proposal also wants to introduce the implementation of addressing the issues of climate change.

I truly do think that Biden’s proposal for the infrastructure bill is not the right move for the country right now in our current state. He is wanting to increase the corporate tax to be able to pay for his huge amount of money he wants to use. Our country is already in so much debt as it is due to the pandemic. I believe it is better advised that the country takes the alternative offered by the bipartisan group of Congress. Their alternative gives the country plenty of time to produce the revenues and a very reasonable amount to achieve and still do a lot for the country’s infrastructure.

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