WASHINGTON, DC – What could one do with almost a $1 trillion? According to the White House and a bipartisan group of Senators, a lot.
On Thursday President Joe Biden announced the two sides had reached an agreement for a $973 billion infrastructure bill calling for more than $550 billion in news spending on projects including roads and bridges, waterways, port upgrades, electric vehicle infrastructure, and high-speed broadband internet access for every household in America.
To pay for the improvements, the White House signals increased IRS enforcement to close the tax gap, redirection of unused COVID-19 relief funds, and various other sales and fees. Though agriculture remains concerned about rumored changes to tax policy no details have emerged confirming the elimination of stepped-up basis and changes to the estate tax as revenue generators.
(SOURCE: All Ag News)