Sometimes things must be addressed and worked on simultaneously. Not as individual components but as a whole system. Like this bill addresses.
Also, don't talk govt budget with me after the last four years of corporate tax cuts. Deaf ears friend.
You did notice I said "the last 40 years) - that includes the previous admin.
You are right about "Sometimes things must be addressed and worked on simultaneously." which would have been great maybe 30 years ago.
But... look at the 3.5 trillion.... is it really "infrastructure?"
- $726 billion for the Health, Labor, Education and Pensions Committee with expansive instructions to address some of Democrats' top priorities. Those areas include universal pre-K for 3- and 4-year-olds, child care for working families, tuition-free community college, funding for historically black colleges and universities and an expansion of the Pell Grant for higher education.
- $107 billion for the Judiciary Committee, including instructions to address "lawful permanent status for qualified immigrants."
- $135 billion for the Committee on Agriculture Nutrition and Forestry, including instructions to address forest fires, reduce carbon emissions and address drought concerns.
- $332 billion for the Banking Committee, including instructions to invest in public housing, the Housing Trust Fund, housing affordability and equity and community land trusts.
- $198 billion for the Energy and Natural Resources Committee, including instructions largely related to clean energy development.
Senate Democrats Roll Child Care And Immigration Into A $3.5T Budget Framework
as well as: "One piece that hasn’t received much attention yet is a special journalism “tax credit” equal to 50% of the salary of each journalist—up to $50,000 per journalist annually." (Daily Signal)
2. Big Labor Tax Break
Sec. 138514 provides for an above-the-line deduction for up to $250 in “dues” to a labor organization.
This deduction would cost
$4.25 billion in revenues.
3. Solar Subsidies to “Promote Environmental Justice”
This provision in the bill expands the energy credit for solar facilities in low-income communities, in which “the Secretary makes an allocation of environmental justice solar capacity limitation.”
The extension, modification, and increase in this energy credit would cost
$63.9 billion.
4. $15 Billion for “Energy-Efficient” Doors and Windows
The reconciliation package would replace a $500 lifetime cap on nonbusiness energy property credits with an
annual $1,200 credit. This credit allows up to $600 in credits for energy efficient windows and skylights and up to $500 for energy efficient doors.
This provision also increases the percentage of the credit for installing qualified energy efficiency improvements from 10 percent of the cost to 30 percent. There is no reason the government should be subsidizing individuals’ door and window replacements.
5. Tax Credit for Electric Bikes
Sec. 136407 establishes a 15 percent refundable tax credit for electric bicycles. Under this law, taxpayers could claim a credit of up to $1,500 for electric bicycles costing as much as $8,000 per bike. As a reminder, a tax credit is a dollar-for-dollar reduction in your tax liability.
The Joint Committee on Taxation estimates that this provision alone could
cost $7.43 billion.
In 2020, the e-bike market was valued at
$23.89 billion.
6. Tax Breaks for Elite, Well-Funded Private Universities
Sec. 137702 of this bill would reduce, potentially down to zero, excise tax on investment income of private colleges and universities depending on the amount of financial aid they offer their students. Notably, universities who can provide a lot of grants and scholarships are typically universities with the largest endowments: for example, universities like Harvard and Yale.
The amount of tax imposed would be reduced based on the aggregate amount of qualified aid awards provided by the institution in relation to the aggregate undergraduate tuition and fees received by the institution. This phaseout would reduce tax revenues by
$2.34 billion.
7. Investments in the “Green Workforce”
In Title 5 of this bill, “Investment in the Green Workforce,” Democrats spend
$10 billion funding perplexing, niche credits:
- Sec. 136501 allows the Secretary to allocate an additional $2.5 billion in credits for the advanced energy project credit. About $400 million in credits each year would be reserved for projects in “automotive communities.” Automotive communities, in this bill, are defined as communities that have “experienced major job losses in the automotive manufacturing sector.”
- Sec. 136502 provides a credit for up to 10 percent of the labor costs incurred by a taxpayer in installing “mechanical insulation property into a mechanical system which was originally placed in service not less than 1 year before the date on which such mechanical insulation property is installed.” Huh?
8. Refundable Credit for “Environmental Justice” Programs
Sec. 136601 of the bill.
This provision creates a capped refundable competitive credit of $1 billion for each year from 2022 through and including 2031 to institutions of higher education for environmental justice (EJ) programs. The base credit is 20 percent of costs spent within five years by the higher education institution; however, for HBCUs and minority-serving institutions (MSIs), this credit could cover 30 percent of costs.
9. Repealing Social Security Number Requirement to Qualify for Child Tax Credit (CTC)
Sec. 137102 would eliminate the Social Security Number requirement for qualifying children, ... ...opening the credit up to more abuse.
10. Credit for Contributions to a Public Universities’ Research Infrastructure Projects
The “public university research infrastructure credit” is an amount equal to 40 percent of the qualified cash contributions made by a taxpayer during such taxable year for a qualifying project. The credit amounts allocated to a certified educational institution for all projects cannot exceed $50,000,000 per year, and the total amount of qualifying project credit amounts that may be allocated can be up to $500,000,000 for each 2022 through 2026 – or $2.5 billion in total.
(America for tax reform)
this isn't responsible infrastructure.
infrastructure
ĭn′frə-strŭk″chər
noun
- An underlying base or foundation especially for an organization or system.
- The basic facilities, services, and installations needed for the functioning of a community or society, such as transportation and communications systems, water and power lines, and public institutions including schools, post offices, and prisons.
- An underlyingbase or foundation especially for an organization or system
We can debate some of these... but the point is this really isn't infrastructure... it is a free for all.
