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On Thursday, Senate Republicans unveiled a $568 billion infrastructure package. The proposal focuses on roads and bridges, public transportation, railways, drinking water, wastewater, safety, waterways, airports, water storage, and broadband Internet.
The Republican proposal would cost $568 billion over five years, the bulk of which would go toward the Federal Highway Administration for roads and bridges. The Federal Transit Administration would receive $61 billion for public transit; rail would receive $20 billion; the Environmental Protection Agency would get $35 billion for drinking water and wastewater; $13 billion would go toward safety; $17 billion for ports and inland waterways; $44 billion to the Federal Aviation Administration for airports; and $65 billion for broadband infrastructure.
Meanwhile the Biden administration proposed raising the corporate tax rate from 21% to 28% to pay for its $2.2 trillion infrastructure package. The White House said the tax hike would fund the infrastructure plan within 15 years and would be combined with plans to discourage firms from listing tax havens as their address and offshoring profits. Biden indicated the 28% tax rate isn’t a hard figure and he’s willing to compromise to win approval for his overall infrastructure plan.
