Will We Get a Small Useless Bipartisan Infrastructure Deal or One That Meets Our Future Needs?
We begin with the bipartisan infrastructure package that Senators Sinema and Portman were expected to present today which the Biden administration might well take up although they have already objected to provisions in the bill to raise the federal gas tax which disproportionately hurts lower income Americans. Since the Republicans want physical infrastructure without raising taxes and Democrats want to both invest in human infrastructure and address climate change with clean energy solutions by raising taxes on corporations and the wealthy, the likelihood of a deal for the future as opposed to an unsatisfactory compromise, is looking dim. Edward McCaffery, the Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California and author of Fair Not Flat: How to Make the Tax System Better and Simpler joins us to discuss how much Biden might retreat from his original plan to hike the corporate tax rate to 28% to pay for his $2.3 trillion infrastructure plan. Meanwhile, as the Republicans stall and string along the Democrats, Biden is keeping alive his alternative to go it alone via budget reconciliation but that requires all 50 Democratic senators to be aboard.
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