Biden’s infrastructure mega-Bill

What is the Infrastructure Investment and Jobs Act? Why did it take so long to pass in the U.S. Congress?

In a major step towards fulfilling a long-standing promise of the Democratic Party, U.S. President Joe Biden has succeeded in getting Congressional support and signing into law a super-sized infrastructure investment Bill. The once-in-a-generation public expenditure sanction will be an opportunity to refresh the U.S.’s ageing infrastructure . Beyond its immediate effects, the Bill will also consolidate the legacy of the Democrats and Mr. Biden’s administration, not only by aiding in the post-COVID-19 economic recovery of America through fiscal expansion, but also by planting the Party’s flag of achievement on key sectors of the economy for generations to come.

The original intent was to get a far broader Bill approved on Capitol Hill, one that could provide a much-needed shot in the arm for an America limping back to normalcy after nearly two years of pandemic-driven economic and social carnage. That Bill, known widely as the “Build Back Better” proposition, speaks to issues such as building a million units of low-income housing, providing universal pre-kindergarten to three- and four-year olds, extending an expanded tax credit for parents, reducing a waiting list for in-home care, further reducing healthcare premiums for those covered under the Obama-era Affordable Care Act (ACA), worker training and higher education. That Bill proposed to finance the enormous jump in public expenses entailed by clamping down on profit-shifting by multinational companies, raising revenue via a 15% minimum tax on the reported profits of large corporations, emphasis on tighter enforcement for large corporations and ultra-high net worth individuals by the Internal Revenue Service, an additional 5% tax on incomes exceeding $10 million a year and another 3% tax on incomes above $25 million, a 1% tax on corporate tax buybacks, and policies to limit business losses for the very wealthy.