In a matter of hours, President Joe Biden will unveil his infrastructure plan.
Overnight, we learned the “American Jobs Plan” will call for $3 trillion dollars in new spending and a trillion dollars in new taxes.
Here is some of the breakdown:
$950 billion dollars on roads, bridges, and housing infrastructure
$300 billion dollars on U.S. manufacturing
- $400 billion dollars on broadband and clean energy credits
Those new taxes are called the “Made In America Tax Plan.” The corporate tax would jump from 21 percent to 28 percent. The minimum tax rate for multinational companies would increase to 21 percent and would be calculated on a “country-by-country” basis to close loopholes in the tax code.
The American Farm Bureau Federation says that taxing capital gains would have a devastating impact on farm and ranch families.
President Zippy Duvall stated, “Stepped-up basis encourages families to grow their businesses and pass them on to another generation and elimination could force those families to sell their farms just to pay the taxes. These taxes would cause further consolidation in agriculture with small farms more likely to be forced out of business by the tax liability.”