The state of the U.S.’s infrastructure since the recession hit in 2008 has been steadily decaying.
In a May 14 speech at the foot of the Tappan Zee Bridge, President Barack Obama called for congress to pass a $302 billion transportation bill, according to Newsday. The president argued that the bill would support hundreds of thousands of jobs and repair the nation’s roads and bridges.
“Building a world class transportation system is one of the reasons America became an economic superpower in the first place,” the president said.
In his speech, Obama pressed House Republicans to support the four-year transportation package, who have recently called for a $723 million cut to the Department of Transportation and a $500 million reduction to the Transportation Investment Generating Economic Recovery, according to the news source.
The federal highway program relies on a tax of 18.4 cents on every gallon of gas that is sold, bringing in $37.4 billion in 2013, according to Fox Business. However, the highway fund is set to run out by this August.
In a May 14 interview, Sen. Mike Lee, R-Utah, explained to the news source that the amount of money coming in isn’t the problem, it is where that money is going. For this reason, he is proposing a bill that would bring the federal gas tax down to 3.7 cents per gallon over the next five years.
In response to Lee’s bill, Rep. Earl Blumenauer, D-Oregon, told the news source, “We can’t afford that in our fragile economic recovery. It’s time to look for serious solutions to fund our transportation infrastructure, not introduce bills that would undercut the federal/state partnership and make the problem worse, not better.”
Neither plan is likely to make it through Congress before the elections in November.
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
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