Biden's Infrastructure Plan Released [Detailed Summary]

here's a summary of what joe biden

announced today

and his administration announced before

he spoke

today so first we found out information

about uh transportation that we're

expecting 620 billion dollars to be part

of this large 2.2 trillion dollar

package for infrastructure and this is

going to be part one followed by

uh probably somewhere around 1.7

trillion dollar infrastructure plan

more for human infrastructure more for

a child tax credits uh elderly care

credits and so on and so forth uh in the

package

that we talked about or heard announced

today we heard that 620 billion dollars

will go towards transportation which

will include

115 billion dollars for bridges highways

roads

and 20 billion dollars for road safety

this will address about 20

000 miles of roads we expect that

10 of the 10 bridges that are the most

economically significant will be

replaced

and that 10 000 bridges will be repaired

we'll also see 85 billion dollars going

to public transportation

new rail cars and transportation to

connect the inside of cities with

the rest of the city and also outside

the city so biden talked about

having new transportation systems to

basically bring people from outside of

city into a city

uh 80 billion dollars for amtrak 125

billion

for airports 17 billion dollars for

ports uh

i believe this is uh waterways inland

ways and ferries

anyway uh 20 billion dollars for

disadvantaged communities

which prioritizes a transportation 174

billion dollars will go

to evs in the form of a tax incentives

tax rebates and encouraging americans to

buy american-made cars we did not hear

anything from biden today

about cash for clunkers this is all we

got today we also

heard about 500 000 electric charging

stations by 2030

this was a campaign pitch as well

electrifying buses and federal vehicles

also a campaign pitch

transitioning to electric and hydrogen

this was a big deal here the fact that

he said hydrogen

this is just something that has not been

talked about much but a hydrogen pitch

is something that a lot of folks are

going to be very excited about

especially companies like fuel cell and

plug power

both up about two and a half to three

percent in the after hours

with workhorse up four percent and

quantum escape up

nine percent further we have research

and development 180 billion dollars

going

to upgrade a research infrastructure at

labs and universities

and federal agencies some will go to

climate science research

some will address gender and racial

inequalities in science math and tech

we've got 300 billion dollars go into

manufacturing 50 billion dollars of that

going to semiconductor

manufacturing and research 50 billion

dollars to the national science

foundation

50 billion dollars for a new office

within the department of commerce

to monitor domestic industrial

capacity so probably a way of saying hey

we want to monitor our supply chains

better so that way we don't

have supply shortages like this chip

crisis we're experiencing now

ford announced today that they're

partially shutting down some assembly

lines due to the chip shortage

we've also heard that neo has partially

shut down or potentially completely shut

down

its factory for a week in china due to

these chip shortages

big expansion in broadband we uh we

heard the introductory speaker and biden

both talk about how nobody and no child

should have to leave to get better

access to internet

workforce 100 billion dollars for

workforce development including

apprenticeships

and uh for those who have lost their

jobs so incentive programs

uh and development programs for those

who have lost their jobs throughout the

pandemic

the goal is to create hundreds of

thousands of jobs

improving the electric grid by spending

a hundred billion dollars to make it

more

resilient which will include a 10-year

extension and phase down of an expanded

refundable investment tax credit

and production tax credit for renewable

energy generation and storage

so we'll obviously imagine here in the

future we'll get some more detail on

this

higher labor standards 100 percent

carbon pollution free by 2035 is the

gold

16 billion dollars going for towards

abandoned mines and gas

wells carbon capture 10 carbon capture

facilities would be established

as well as expanding carbon capture

credits

and making section 45 q refundable and

easier to claim for those businesses

that can claim that

10 billion dollars for a civilian

climate corps that employs americans

clean water this was a big thing that

biden spoke about 45 billion to

eliminate lead pipes nationwide

keep in mind this is not inside of homes

these are the uh

they're known as lead service lines or

lsls lead service lines that's where

your water comes in from the city

and in older neighborhoods these can

sometimes be imbued with lead

so then we have 56 billion dollars in

grants for low-cost

loans to states and localities to

improve their water system

uh systems along with 10 billion dollars

to bolster rural

rural well and waste systems he says we

will replace 100 of the nation's lead

pipes and service lines so every

american can drink clean water

every five thousand dollars spent on

lead pipes could reduce or save

twenty two thousand dollars in health

care related expenses

for individuals who are drinking from

lead-based pipes broadband 100

billion dollars to bring high-speed

internet to all americans more

transparent pricing and subsidies for

low-income households

households 213 billion to build and

renovate more than 2 million affordable

homes

tax credits to build housing for

low-income families 40 billion for

public housing upgrade biden briefly

mentioned

spending money on commercial real estate

as well

school and children 100 billion to

improve public school buildings 50

billion through direct grants 50 billion

through bonds

12 billion to community colleges 25

billion

to upgrade child care facilities and

provide incentives for employers to

provide child care

elder care 400 billion for housing for

the elderly and people with disabilities

18 billion to modernize the va corporate

tax hikes

a minimum 21 international

tax on corporations for products

produced overseas

and that's uh that's up from 13 it's a

good raise

and uh up from 21 bump the corporate tax

rate

from 21 to 28 as well as institute a

mandatory minimum 15 corporate tax

on profits so this eliminates the

opportunity for let's say

amazon to pay zero dollars in tax even

though

amazon is you know their argument is hey

we're reinvesting this money

uh biden is saying every corporation

should pay a minimum of at least 15

percent

eliminate oil gas and other tax breaks

tax preferences for oil and gas industry

all of these preferences and tax breaks

will be eliminated

for oil and gas industries irs audits

more of a focus for audits for

corporations

and then additional details about

individual tax rates and

audits to be coming within the next few

weeks

biden uh does say that biden also

complains by the way that 83 percent of

the money

that went uh or that came from the trial

or the trump tax cuts

uh go to the top one percent however

this is disputed

uh frequently this is referred to as a

projection based on a think tank

estimate or a think tank's estimates

that

if the trump tax cuts remained in effect

until

2027 then 83 percent of the benefits

would go to the top one percent

currently we're more like at 21 but

mentioned that his goal is to reward

work

not wealth and uh really wants to uh

compete with china

which we expected uh joe biden to say

that we expected biden to

uh outline uh his vision he did say he

spoke for two hours with

z jinping from china upon his election

that his vision for this plan is 15

years out and that this plan spends 2

trillion

over 8 years and he says that failing to

make these investments puts our children

at a disadvantage and adds to our debt

he says our infrastructure is crumbling

by the way uh

gigafactory tesla just as a side note is

expected now to hire

ten thousand individuals per elon musk

instead of the five thousand dollars

originally estimated

biden also spoke with mcconnell and told

mcconnell that nobody making under 400

000

will see their federal taxes go up

notice federal taxes which does imply

that there could be other taxes

that could go up as well he says that

historically infrastructure plans

have been bipartisan and that right now

china is eating our lump

our lunch and whether or not it ends up

being bipartisan he wants to see this

get done

keep in mind that it right now this is

planned to pass by

august and september so we've got a ways

to go on this

biden's claim is that this will create

five million jobs

and uh budget reconciliation is an

option that we've got to verify that the

senate parliamentarian

is on a board with this so this kind of

gives you an overview of the

biden infrastructure part one plan that

was announced today

the two parts now have names uh the

first part

pull it up here uh is well of course

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sorry that's not the name the name is uh

american jobs plan that's kind of what

we outlined here that's part one

and then a few weeks we'll hear about

the american family

plan good so that gives you a pretty

decent overview about everything uh that

uh biden released today in the biden

administration released today

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thank you very much for watching the

video and folks we'll see in the next

one thanks for being here

bye

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