White House To Push For USD3.5trn Tax Hikes To Fund Infra Spending: WaPo

Jeff Stein at the Washington Post tweets a thread on potential infrastructure/childcare plan to be outlined by President Biden later this week:

• "The initial draft infrastructure proposal circulated at the White House called for $3T in spending & $1T in tax hikes, per 3 sources familiar. But this week, White House expected to push ~$4T in spending & as much as $3.5T in tax hikes. Latest on some big parts of first part of 2-part plan, coming Wednesday: Physical infrastructure $ (roads; bridges; etc), Clean energy & R&D investment, Domestic manufacturing push, $ for childcare & school facilities, "Home-based" care for disabled & elderly. Part 2 of the plan, which Psaki says would be introduced weeks later, expected to have major pieces including: Significant child care $, Paid family and medical leave, Expansion of health care/ACA, Extension of larger child benefit in stimulus"
• The potential USD4trn plan supported by USD3.5trn in tax hikes is likely to be an opening salvo in what are sure to be lengthy negotiations in Congress on any spending plan, with the final amount likely to come in some way below that amount, and potentially around the USD3trn spending/USD1trn tax hikes initially talked about.