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Expecting the expected
Markets yawn on Biden infrastructure announcement
President Biden released the first details of his highly anticipated infrastructure programme overnight. The package itself totalled around USD2.25 trillion of spending over 10 years, with approximately USD1.60 trillion of corporate tax rises phased in over 15 years. No mention was made of higher income taxes for higher earners or capital gains taxes, but one suspects that will come when the President announces the details of the remainder of his USD1 trillion wish list.
Net-net, the package looks to be roughly revenue-neutral over the next decade, give or take USD500 billion here or there, which should help ease it through the Senate reconciliation process. Of course, getting it past his own party will be the initial challenge, and we can expect a few months of tortuous progress ahead through both Democrat and Republican objections.