Biden’s newly passed infrastructure bill with a budget of $1.5 trillion is meant to help fix transportation, housing, work environments, producing cleaner water, assist small businesses and manufacturing, and much more. In order to make this possible, Biden intends on raising taxes, mainly upon corporations.
Although I think this is a great idea, I wonder if this will be financially beneficial. In the wake of the pandemic many have lost their jobs and are struggling. Not many people can handle heavier taxes. Even though most of the tax raises will be upon corporations, the increase will still have an impact on the lives of many.
I know personally this wouldn’t push my family over the edge, but I can’t say the same for other families. Considering that wages and working conditions will be improved, hopefully the taxes won’t take as heavy of a toll on lower-income families and individuals. I feel like this plan just may be coming too soon for some Americans.
On top of that, Speaker of the House of Representatives Nancy Pelosi wants to pass another trillion dollar bill for social spending. Hers is meant to help with child care, education, and climate change. Although I support better child care, education, and climate change plans, is now the right time to pass such pricey bills? Before spending trillions on social reforms, we should focus on creating jobs for struggling families. Due to the pandemic, many people lost their jobs and even their entire businesses. They can’t afford more tax raises.
Consequently, Biden’s bill could prove to be more beneficial. Potentially, the new, better jobs being created could get Americans where they need to be. With more people working decent jobs, $1.5 trillion dollars may not be so bad. I think it’s safe to say that nobody is necessarily against this bill. Everyone wants to improve working conditions, housing, transportation, and small businesses. The issue that remains is money.
Right now, Pelosi’s bill is unnecessary. We need to get our people and our economy back on track before we can put so much money into social spending. Education and childcare deserve much more attention, but there is no way we can afford this right now. Besides, Pelosi hasn’t even created a Congressional Budget Score, which would show how much exactly this bill would cost American taxpayers. A CBO can take up to weeks to receive after the bill is even written. It’s currently estimated to be about $1.75 trillion dollars. Unless this cost is reduced, I doubt many will support it.
I feel hopeful for the Infrastructure bill, but I’m not completely certain of the effects it will have on the lower to middle class.