The Biden Administration’s plan looks to spend massive amounts to rebuild aging infrastructure in our country, and that is music to the ears of the construction industry.
Or is it?
The actual infrastructure plan
Download a copy of the proposal, The American Jobs Plan. You will find it interesting reading. This is the actual release document from the White House, and it discusses the objectives and pertinent details of every aspect of the plan.
These are some of the highlights of this $2 trillion initiative:
- $621 billion for Transportation
- $650 billion for Homes, Schools, Water Infrastructure and Broadband
- $213 billion for Affordable Housing
- $480 billion for Research & Development and Manufacturing
- $400 billion for Help for Caregivers
The plan defines infrastructure in a fairly broad manner, and clearly, not all of this is about roads and bridges. In fact, quite a few large line items are designed to address social issues that the administration feels are important to the well being of our fellow citizens.
The plan calls for funding this spending (or investment) by raising domestic corporate tax rates and raising the minimum tax on US multinational corporations. It is dubbed the ‘Made in America Tax Plan’, but does it all add up?
What should your company be doing?
We encourage to read the plan for yourself and make business decisions suited to your specific industry. If you feel compelled to reach out to your local representative, any internet browser can provide you the name and contact information for your local members of congress. Always remember, your vote elected them to speak for you, more so than for themselves.
Please reach out and contact us at (914) 667-7700 x122, so we can help you navigate any new opportunities that present themselves, while helping you to minimize the tax burden.