By Dr. Bill Cassidy, United States Senator for Louisiana, CNBC
If good policy is good politics, the Infrastructure Investment and Jobs Act is both. It’s good for the country, which barely has a passing grade on our infrastructure, C-, and good for the American worker. The COVID-19 pandemic and its lockdowns brought our economy to a temporary standstill. How someone fared, depended on their circumstances.
If someone could make a living through online video calls with access to high-speed internet in the comfort of their home, they often did quite well. If someone worked with their hands, things were often quite different. Employment levels and opportunities have not returned to those in the lower quintiles of our economy to the levels achieved before the pandemic. This is where the bipartisan infrastructure bill would come into play. Continue reading here.
- Midlands Voices: We can find agreement on funding much-needed infrastructure work, by Congressman Don Bacon, Omaha World-Herald
We have been talking about this for over a decade, and our decaying infrastructure cannot wait much longer. We need to reach across the aisle, find consensus and solve a big challenge facing our country — now.
- Rep. Bacon says he will support bipartisan infrastructure bill, Omaha World-Herald
STATE FACT SHEETS
- White House Releases State Fact Sheets Highlighting the Impact of the Infrastructure Investment and Jobs Act Nationwide
- Nebraska Fact Sheet
CIVILIAN CLIMATE CORPS
Invest in a robust civilian climate corps to build our resiliency — our lives depend on it, contributed by Representative Joe Neguse and Mary Ellen Sprenkel, president and CEO of The Corps Network, the National Association of Service and Conservation Corps, The Hill
There is also already a modern corps model. There are more than 130 corps across the country operated by non-profits, state governments, and universities. These programs — located in rural towns and big cities alike — are grounded in communities and responsive to local needs. Many programs have partnered with local, state, and federal agencies for decades to engage young people in disaster resilience, conservation, and park maintenance projects.
CLEAN ELECTRICITY PAYMENT PROGRAM (CEPP)
80% Clean Electricity Payment Program = Enormous Job Growth, Natural Resources Defense Council
A clean energy policy like the one under consideration in Congress right now could expand the workforce by nearly 8 million jobs and generate $1 trillion in economic benefits over the next 10 years. New analysis released today demonstrates that a well-designed Clean Electricity Payment Program (CEPP) will support a strong clean energy economy, and is vital to addressing the climate crisis.
Additional Recommended Reading
- The Infrastructure Bill & Pension Funds – A $3 Trillion Action Item, Contributed by Norman Anderson, Forbes. By my conservative calculation, we could easily add $1 trillion – or more – of disciplined capital to long-term infrastructure investment by bringing institutional investors into high priority projects.
- Investment in EV infrastructure could add $1.3 trillion to U.S. Gross Domestic Product, KTTN
- FACT SHEET: Bipartisan Infrastructure Framework Creates Economic Opportunities for Rural America, White House Briefing Room
NATIONAL CLEAN ELECTRICITY STANDARD (CES)
The Biden administration wants Congress to pass a clean electricity standard but is also prepared to pursue efforts to push utilities to ratchet down their emissions through the federal regulatory process should a national standard fail to make the final bill, according to Gina McCarthy, the White House’s national climate adviser. McCarthy said the administration believes a national clean energy standard would be more effective in prompting action on part of the utility industry to reduce emissions.
HOW THE BIDEN ADMINISTRATION PROPOSES TO PAY FOR INFRASTRUCTURE
The Made In America Tax Plan, U.S. Department Of The Treasury
This report describes President Biden’s Made in America tax plan, the goal of which is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production. Importantly, this tax plan would generate new funding to pay for a sustained increase in investments in infrastructure, research, and support for manufacturing, fully paying for the investments in the American Jobs Plan over a 15-year period and continuing to generate revenue on a permanent basis.
To start, the plan reorients corporate tax revenue toward historical and international norms. Of late, the effective tax rate on U.S. profits of U.S. multinationals—the share of profits that they actually pay in federal income taxes—was just 7.8 percent. And although U.S companies are the most profitable in the world, the United States collects less in corporate tax revenues as a share of GDP than almost any advanced economy in the Organization for Economic Co-operation and Development (OECD).
Additional Recommended Reading: FACT SHEET: The American Jobs Plan, The White House
CREATING A FAIRER TAXATION SYSTEM: ITEP ANALYSES
The Institute On Taxation And Economic Policy (ITEP) Analyses of Biden’s Proposed Corporate Tax Reform
- President Biden’s Infrastructure Plan Moves Toward Ending “Zero-Tax” Profitable Corporations
- Biden’s Corporate Tax Revolution
- Corporate Tax Reform in Wake of the Pandemic
- 55 Corporations Paid $0 in Federal Taxes on 2020 Profits
The Institute On Taxation And Economic Policy (ITEP) is a non-profit, non-partisan tax policy organization that conducts rigorous analyses of tax and economic proposals and provides data-driven recommendations on how to shape equitable and sustainable tax systems. ITEP’s expertise and data uniquely enhance federal, state, and local policy debates by revealing how taxes affect both public revenues and people of various levels of income and wealth.
GLOBAL MINIMUM CORPORATE TAX
G20 Signs Off On 15% Global Minimum Corporate Tax—Here’s How It Will Work, Forbes
The new tax system—expected to take effect in 2023—has been agreed to by 132 countries after meetings in July held by the G20 and the Organization for Economic Co-operation and Development. It sets an effective global minimum tax of 15% on multinationals with more than $890 million in revenue.