Taxes, bonds and infrastructure

Your guide to how Washington shapes business and the economy

VIEW IN BROWSER | SUBSCRIBE FRI, MAR 26, 2021 CNBC POLITICS EDITOR'S NOTE Hello,   President Biden is expected to unveil details about his infrastructure and recovery plan Wednesday in Pittsburgh. It will represent the beginning of the next phase of his administration, as the country works to emerge from the Covid crisis.   The president's next initiative is expected to be sizable, costing up to $3 trillion. That will be a tall order for several lawmakers on both sides of the aisle who are reticent of another big spending deal on the heels of the $1.9 trillion Covid relief bill.   Naturally, these concerns have led to talk of tax hikes. Biden said during the campaign that he wanted to roll back some of the Trump tax cuts, including a hike in the corporate rate, to help pay for big-ticket programs. The White House is using those proposals as the base for any tax negotiations as the bill is being crafted.   There is no infrastructure or tax plan, yet. That hasn't stopped groups on both sides of the aisle from drawing up gameplans for what could be the "Super Bowl of tax reform." Lawmakers are already hearing from progressive groups seeking tax hikes on the rich, while conservative and libertarian organizations are fighting to keep the Trump tax cuts in place.   Some are pushing Biden to bring back Build America Bonds. The Obama-era financing mechanism enables the federal government to subsidize interest costs on debt raised by states and counties, which own the vast majority of the infrastructure in the United States.    Build America Bonds have some support on Wall Street, too. Vikram Rai, head of Citi's municipal bonds strategy, think they could be the answer to Biden's infrastructure needs.   "These projects are, ultimately, self-sustaining" he told CNBC. "There's a magnifier effect, a stimulative effect: It generates employment, it generates tax revenues. So, it's a no-brainer."   Thoughts? Email Politics Editor Mike Calia at CNBCPolitics@nbcuni.com.   Have friends or colleagues who might like this newsletter? They can sign up here.    Subscribe to CNBC's daily new podcast The News with Shepard Smith, which provides deep, non-partisan coverage and perspective on the day's most important stories. Mike Calia @Michael_Calia KEY STORIES  Build America Bonds may be key to financing Biden's infrastructure plans Build America Bonds first entered markets more than a decade ago as the Obama administration sought ways to spur the U.S. economy. 'Super Bowl of tax reform': Groups gear up for fight over Biden plan to raise taxes on rich, corporations Advocacy groups from across the political spectrum are preparing for an all-out war over President Biden's coming tax reform proposal. American Petroleum Institute endorses carbon pricing as oil and gas industry faces pressure on emissions The oil and gas industry's largest trade group Thursday endorsed a price on carbon emissions, a major shift after it long resisted climate change regulation. Biden talks southern border, voting rights, filibuster and Afghanistan in first press conference President Joe Biden holds his first presidential press conference Wednesday. White House considers vehicle mileage tax to fund infrastructure, Buttigieg says Pete Buttigieg, the transportation secretary, said that the White House is weighing a mileage tax and special bonds to fund infrastructure. North Korea says it launched new tactical guided missiles in recent test The tests come as Pyongyang ignores invitations from Washington to discuss denuclearization. Biden sets new Covid vaccine goal of 200 million shots within his first 100 days: 'I believe we can do it' More than 100 million Covid vaccinations were given within 60 days of President Joe Biden taking office. His new goal is to double that by April 30. Bernie Sanders introduces bills to hike taxes on corporations and the wealthiest Americans Sanders is focusing on reducing income and wealth inequality as Democrats look to raise taxes to fund infrastructure and economic programs. Joe Biden says he expects to run for reelection in 2024 Joe Biden said he expects to run for reelection in 2024, in the first time he's publicly addressed whether he will run for president again. CDC director warns of possible Covid surge as U.S. cases increase by 7%     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS