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Biden infrastructure plan could be boost for tire industry
Biden infrastructure plan could be boost for tire industry
Jim Johnson & Erin Pustay Beaven
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WASHINGTON With hundreds of millions of tires rolling along the nation s roads every day, the importance of improving and maintaining America s infrastructure is obvious to the tire industry.
With the latest round of COVID-19 relief now delivered, President Joe Biden s efforts to push for a massive infrastructure improvement plan is now a central issue for the new administration. It s beyond question that the U.S. transportation infrastructure system … is woefully in need of upgrade and modernization, Anne Forristall Luke, CEO of the U.S. Tire Manufacturers Association, said.
Safety
GOP: $13 billion (to be split among the Federal Motor Carrier Safety Administration, National Highway Traffic Safety Administration and the Pipeline and Hazardous Materials Safety Administration)
Biden: $20 billion (Biden s plan specifically mentions road safety.)
Where the plans drastically depart
Biden s plan calls for $1.7 trillion more in spending, which includes the following:
$174 billion for electric vehicles, including charging stations, helping U.S. automakers, boosting battery production, and tax rebates and incentives for buying American-made EVs.
$400 billion for expanding access to home- or community-based care for the elderly and disabled.
$300 billion for manufacturing, with $50 billion toward critical goods, $50 billion toward semiconductor production and $30 billion toward preparing medical manufacturing for future pandemics, including shoring up the nation’s strategic stockpile. This funding also includes $46 billion for federal purchases of
Higher corporate income taxes in Biden’s tax plan have an intrinsic inefficiency unlike taxes on goods and services, they discourage not only consumption but also investment in plant and equipment and research and development. Austan Goolsbee, a senior adviser to former President Obama, once estimated the deadweight loss from corporate income taxes to be 10 percent of the tax revenue. Greg Mankiw, a senior adviser to former President George W. Bush, has noted that deadweight loss rises with the square of the tax rate, so that doubling the tax rate increases the deadweight loss fourfold.
Taxes on goods with negative consequences instead offer an opportunity for efficiency gains because they reduce use of those goods and the negative consequences. These potential gains underlie the worldwide popularity of taxes on tobacco, alcohol and fossil fuels. Mankiw, along with other prominent Republican economists, have advocated for revenue-neutral carbon taxes to address global warming. T
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