Bipartisan Infrastructure Deal’s Revenue Source: None
The bipartisan infrastructure deal reached by a score of congressmen and the president puzzled for weeks over how to finance the package. They arrive to the solution: don’t pay for it!
Newsmax reports that that the cost of the expenditures would be “offset by a variety of revenue-raising provisions, including stronger enforcement of tax collections from the wealthy, sales from the Strategic Petroleum Reserve, unspecified “public-private partnerships” and assumptions that the infrastructure investments would lead to greater economic growth.”
In other words, by blue smoke and mirrors.
Stronger IRS enforcement of unpaid taxes or underreported income is a chimera. It won’t happen. To get serious about it, Congress would have to appropriate money for upwards of 90,000 new IRS agents. The Republican Senate is never going to do that unless they wish to resign at the same time. Their donors and activists will never approve of expanding the number of cops hired to catch and punish them. Masochism is the exclusive preserve of Democrats.
The strategic petroleum reserve currently holds 623 million barrels. If we to sell it all at the current Brent Crude price of $71, then we would reap $44 billion. Although, so large a sale would doubtless send the price — and the revs from selling — crashing. And $44 billion doesn’t go too far when you need $579 billion.
For the rest, the government will basically get back the excess money it spent on higher unemployment benefits for states that refused to participate. They also say they will raise billions in unspecified public-private partnerships and economic growth. No taxes. Therefore, no real revenues. Rev up the old printing press. Here comes another $400 billion in phony Monopoly play money!
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