It is not the first time Reagan’s reliance on markets to fix the nation has been challenged, but no previous effort in recent decades was on the scale Mr. Biden presented on Wednesday. Reagan himself pushed through a tax increase. But Mr. Biden’s plan is a mammoth public investment that amounts to about 1 percent of gross domestic product for each of the next eight years. They are also objecting to the way Mr. Biden is proposing to pay for it: an increase in corporate taxes over the next 15 years for a building plan that will last only eight. And, Mr. Biden said on Wednesday, there would be higher taxes on those making more than $400,000 a year.

Source: International New York Times April 01, 2021 00:22 UTC