Page 13 - Investment Advisor September 2021

mostly related to family benefits, health- on to enact the rest of President Biden’s spending offset by corporate and inter-
care and climate change mitigation. American Jobs Plan and American national tax reform, tax adjustments
“The bipartisan infrastructure bill Families Plan, will provide our busi- targeting high earners, IRS tax enforce-
will cost about $400 billion over ten nesses and our people with the tools to ment, health care savings, and a carbon
years, based on Congressional Budget make it in America.” polluter import fee, the Raymond James
Office (CBO) estimates, which includes As the Committee for a Responsible analysts explained.
indirect increases in highway spending Federal Budget explained, Senate dem- State and local taxes, or SALT, cap
beyond the five-year highway bill,” the ocrats’ Fiscal Year 2022 budget plan relief also is included as part of the
committee said. allows for up to roughly $1.75 trillion of instructions, Raymond James analysts
Meanwhile, the Senate budget resolu- new borrowing through the reconcilia- said, “formalizing its likely inclusion” in
tion’s reconciliation instructions allow tion process. the final reconciliation bill.
for a maximum combined deficit increase The budget resolution contains recon- “The instructions include a con-
of nearly $1.75 trillion over 10 years — ciliation instructions for 12 Senate com- straint to not increase taxes for incomes
though lawmakers could borrow less, the mittees that allow them to increase deficits below $400,000 (unclear whether this is
committee said. “If these plans were both over the next decade, the committee said. defined as households or individuals),”
enacted with the maximum allowed bor- The congressional committees are the Raymond James analysts said.
rowing, it would cost about $2.4 trillion required to submit legislation to the Senate The analysts see the final reconcili-
over ten years, inclusive of $380 billion in Budget Committee by Sept. 15, though the ation package including “fewer health
interest costs,” the committee said. date is not binding, the Committee for a provisions” than proposed.
Hoyer noted that the infrastructure Responsible Federal Budget said.
bill, “coupled with the reconciliation The Senate Finance Committee is Washington Bureau Chief Melanie Waddell can
package that Democrats are working instructed to put forward $1.8 trillion in be reached at [email protected].

Cambridge is proud to be recognized as a member of the inaugural ThinkAdvisor
LUMINARIES Class of 2021. Honored to be a leader among the most respected firms in the
Samuel Corum/Bloomberg
1
industry, Cambridge continues to be strong and growing after more than 40 years.

1 JoinCambridge.com ®
Cambridge and its predecessor broker-dealer
ThinkAdvisor LUMINARIES, Class of 2021. To learn about the award criteria, visit https://event.thinkadvisor.com/luminaries-awards/criteria. Amy
Webber is a member of the judging panel at ThinkAdvisor but did not vote for any category in which our firm was nominated. Member FINRA/SIPC