Truckers More Likely to Approve of GOP Infrastructure Plan

You might remember how Joe Biden had a press release for the American Jobs Plan. The spending total was estimated to be $2 trillion. Senate Republicans, whose support will most likely be needed to pass any legislation due to a 50-50 split in seats, proposed a counteroffer, one truck drivers are more likely to appreciate.

Compare and Contrast Infrastructure Plans

There are three reasons why truck drivers might prefer the unnamed GOP infrastructure plan over the American Jobs Plan:

1. Total spending in the unnamed plan estimates at $568 billion, compared to $2 trillion.
2. Roads and bridges have larger funding: $299 billion versus $115 billion.
3. As a total percentage of spending, roads and bridges is 52% instead of 10%.

Other spending sectors are comparable to those in the American Jobs Plan (AJP), at different rates.

• Public Transit. GOP $61 billion, AJP $85 billion.
• Rail. GOP $20 billion, AJP $80 billion.
• Water and wastewater transportation. GOP $35 billion, AJP $80 billion.
• Electric vehicles. GOP $0 (not mentioned), AJP $174 billion.
• Safety. GOP $13 billion, AJP $0 (17 percent of the funding for roads and bridges, no additional funding set aside).
• Ports and waterways. GOP $17 billion, AJP the same amount.
• Airports. GOP $44 billion, AJP $25 billion.
• Broadband. GOP $65 billion, AJP $100 billion.
• Water storage. GOP $14 billion, $0 AJP (not directly mentioned).

The American Jobs Plan also has many other projects, such as home care and housing, that are not included in the unnamed GOP plan.

Conclusion

While the Biden plan says the additional money will be provided from raising the corporate tax rate from 21 percent to 28 percent, the GOP infrastructure plan does not have a directly stated funding source. If it were to go the same route as its counterpart, the corporate tax rate would increase to about 22.5%. This potential lower tax can also be an improvement for truck drivers, namely owner-operators who drive under the Authority of a larger, corporate carrier such as Landstar Systems.

Top Trucking Articles of the Past Year

• Biden’s First 100 Days and How it May Affect Trucking
• FMCSA Considers 5/5 Sleeper Berth Split
• Top 10 Semi-Truck Financing Frequently Asked Questions
• What Are The Different Types of Dump Trucks
• DOT Secretary Elaine Chao Announces Resignation

ABOUT TOPMARK FUNDING

TopMark Funding is a top-rated semi-truck financing and trailer financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.

We’re not here for the short-term, we’re on the long-haul with you!

We have financing options for trailers, semi-trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.

Learn more about Trailer Financing.

Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.