In an interview with CNBC, Buttigieg argued that the Biden administration’s plan to improve infrastructure facilities such as highways and bridges across the United States will ultimately benefit taxpayers, so the plan is important for job creation, infrastructure improvement and climate change.
Buttigieg expects that the government will have several ways to fund the major infrastructure program, including a tax on driving not based on the amount of gas used, but on the distance traveled by cars. He said the new tax could be a stable source of tax revenue, in line with the user-pays principle.
In his first news conference since taking office yesterday, Biden said rebuilding America’s infrastructure and technological power is a priority of his presidency, which he believes is critical to restoring the U.S. economy and could boost U.S. competitiveness against China.
Buttigieg also revealed in the interview that the White House is considering relaunching the Rebuild America Bonds (BAB), a special local government bond variety that was also launched under former President Barack Obama.
But the outside world reacted differently. The famous hedge fund Bridgewater (Bridgewater) founder Dario (Ray Dalio) interviewed by the media expected that the U.S. taxpayers should be psychologically prepared for a significant tax increase by the Biden Administration.
Dalio also criticized radical Democratic Senator Warren’s (Elizabeth Warren) proposed tax on the rich, arguing that a tax on the rich would lead to the erosion of America’s capitalist advantage.
Dario believes that any tax increase will have a negative effect on the U.S. stock market, the extent of the impact depends on the details of the tax increase.
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