U.S. Sen. Sherrod Brown (D-Ohio) joined the America’s Work Force Union Podcast to discuss the likelihood of Congress passing both infrastructure bills, including the $1.2 trillion bill before the U.S. House and the $3.5 trillion budget reconciliation bill. Both bills are critical to President Biden’s Build Back Better agenda.
He also spoke about legislation to introduce a 2 percent excise tax on securities repurchased by corporations, and the Power Act, which would provide border agents with handheld devices to more easily detect fentanyl coming over the border.
Brown believes Congress will proceed on infrastructure bills through compromise
Brown believes Congress will make headway on both infrastructure bills within the next month. These landmark pieces of legislation provide too much of a benefit to the American people to be allowed to languish, he said. The bills not only include money for highways and bridges, but language to help cut prescription drug prices by allowing Medicare to negotiate prices directly with drug companies. They also make the Child Tax Credit permanent and provide a substantial tax cut to the middle class.
He pointed out both bills are paid for by raising taxes on corporations and those making over $400,000 a year.
West Virginia Sen. Joe Manchin and Arizona Sen. Krysten Sinema, both Democrats, have been holdouts on the $3.5 trillion budget reconciliation bill, but Brown believes they will eventually come around with some degree of compromise.
Brown discusses excise tax on stock buybacks and the Power Act
To help pay for the infrastructure bills, Brown introduced legislation that would create a 2 percent excise tax on corporations buying back their own stock. Brown said it is only right these purchases should be taxed so they can benefit the American people.
Receiving bipartisan support, the Power Act would provide border agents with hand held devices that can quickly identify fentanyl in substances. The devices would allow agents to arrest those caught smuggling or in possession of the substance at the scene, rather than waiting on the results of a lab report, Brown said.