The Russell Group President Randy Russell says there’s strong bipartisan support for reinvesting in basic infrastructure needs, but that’s only one-quarter of the more than $2 trillion proposal from White House. “I think there’s going to be serious negotiations over the size of it and what we mean by infrastructure, but probably the bigger issue is the Biden administration has proposed to pay for this by raising the corporate tax rate.” Russell says a handful of lawmakers talk about changing the estate tax and eliminating stepped up basis. “There’s many issues swirling around from a tax policy perspective that will greatly complicate the infrastructure debate. If you’re talking $2.3 trillion, there’s no way to pay for that by simply raising the gas tax. You have to look at other options. That’s where the rubber hits the road.”
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