Senate Moves Forward on $1.2T Bipartisan Infrastructure Package
On July 28, the Senate agreed, 67-32, to begin debate on a $1.2 trillion bipartisan infrastructure package. Ahead of the vote, the bipartisan group of senators announced it had resolved all major issues on the package. As a result of this initial vote, the Senate will consider the package over the coming days and, perhaps, weeks.
It’s time for politicians to stop talking about rebuilding America’s transportation, water, utility, and building infrastructure and start doing something about it. However, construction firms need to make it clear that new infrastructure funding should not be paid for with crippling new tax increases, or include expansive new labor mandates in the form of the so-called “PRO Act.”
That’s why AGC needs you to tell President Biden and Congress to enact the $1.2 trillion bipartisan infrastructure bill, which DOES NOT include such tax hikes or the PRO Act.
The bipartisan infrastructure bill would invest more than $1.2 trillion to build the nation’s roads, bridges, transit systems, airports, ports and waterways, drinking water and wastewater systems, energy infrastructure and more. This historic investment will create a significant number of new construction career opportunities that pay well above jobs in other industries.
The bipartisan infrastructure bill DOES NOT include a host of tax increases on construction firms of all sizes and types; though they may be included in a $3.5 trillion human infrastructure bill later. Such tax increases that may include, among other things:
- An increase in the top marginal individual rate from 37% to 39.6%;
- An increase in the long-term capital gains rate from 20% to a top marginal rate of 43.4%
- An increase in the corporate rate from 21% to 28%; and
- A new “double death tax” on family-owned business’s accumulated capital gains.
In addition, the bipartisan infrastructure bill DOES NOT include the PRO Act, which may be included in a $3.5 trillion human infrastructure bill later. The PRO Act would, among other things:
- Allow workers to strike at any time, any place and for any reason;
- Effectively repeal 27 states’ right-to-work laws; and
- Expand joint employer liability so contractors could be punished for another firms' unfair labor practices.
The bipartisan infrastructure bill represents the best chance to significantly invest in building and maintaining a broad range of physical infrastructure without unnecessarily burdening the construction industry with new taxes and workforce mandates.
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