Corporate tax increase: President Biden intends to pay for the $2 trillion package of infrastructure spending he will propose on Wednesday with a substantial increase in corporate taxes, The New York Times reports. The scale of the infrastructure program—one of the most ambitious attempts in generations to shore up the nation’s aging roads, bridges, rail lines and utilities—is so big that it will require 15 years of higher taxes on corporations to pay for eight years of spending. Read the full story.
Pandemic first: Weekly gasoline sales in the U.S. have exceeded those of a year earlier for the first time, but they still are less than before the pandemic, research and analysis firm IHS Markit said Tuesday. According to the Houston Chronicle, U.S. same-store gasoline sales for the week ended March 20 were 10.1% more than during the same week in 2020, according to a survey of more than 25,000 fuel stations by IHS Markit. But the sales were still 16% less than before the pandemic, which swept the country in mid-March 2020. Read the full story.
Payment pause extended: The federal government’s pause on student loan payments is being extended to more than 1 million borrowers who have defaulted on loans held by private lenders, the Education Department announced. President Joe Biden announced in January that federal student loan payments would remain suspended and interest rates would be set at 0% through at least Sept. 30, extending an action from the administration of former President Donald Trump. But it applied only to those with debt held directly by the federal government, leaving out millions with private student loans. Read the full story.