Biden wants to fill potholes with corporate taxes

[Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a package unprecedented in size and scope of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - The [best and worst of Biden’s plan]( to fix everything. - Vaccines [made us forget pharma’s flaws](, for now. - Volkswagen needs to [lay off the dad jokes.]( - PayPal shows the [flawed logic of Bitcoin as currency.]( One Bill to Rule Them All President Joe Biden [unveiled]( his ambitious New Deal-like economic plan Wednesday aimed at restoring U.S. infrastructure, making the nation more technologically competitive and resolving inequalities. The $2.3 trillion package seeks to not only make much-needed upgrades to roads, bridges, public transit and the electric grid, but also provide funding for high-speed internet to close [the country’s digital divide](, as well as invest in affordable housing, electric vehicles, manufacturing, and clean energy and water. After the $1.9 trillion relief package Biden signed earlier this month in response to the Covid-19 crisis, the infrastructure plan could be [“a second strong engine to power high, inclusive and sustainable growth,”]( Mohamed A. El-Erian writes. It may be less pleasing to investors, he adds, given that the plan relies on increasing corporate taxes, which may divert cash away from stock buybacks and dividends. Naturally, Republican lawmakers will fight that. As Justin Fox reminded us last week, though, corporate income taxes were [down to just 1% of gross domestic product in 2020](, the lowest since the Great Depression, so there ought to be room to raise them: Biden is wise to focus on projects that [will improve quality of life for Americans over the long run]( — the investments will take place over eight years — rather than trying to create a short-term economic boost, Michael R. Strain writes. Still, it would be better if more of the infrastructure money went toward actual infrastructure, instead of lumping in things like in-home elderly care, he adds. As for the tax debate, Noah Smith has a solution: [Tax companies’ cash flows rather than profits.]( He writes that a so-called value-added tax with a deduction for wages may incentivize businesses to pay workers more, and that taxing companies based on where sales are made would eliminate the reason to move production overseas. Bonus Infrastructure Reading: Tesla Inc.’s stock gain Wednesday is odd [considering Biden’s plan is aimed at boosting competition]( for electric vehicles. — Liam Denning Vaccines Saved Big Pharma’s Image For the pharmaceutical industry, another benefit of Covid-19 vaccines is that they’re the ultimate crisis-public-relations move. Remember, before the pandemic became the world’s most pressing problem, drugmakers were being villainized for their role in other urgent matters, such as the rising cost of health care and the opioid epidemic. U.S. public approval of the sector rose to 62% in February, up from 32% before Covid. Lionel Laurent writes that this is bound to fade, and that if the industry is smart — and really wants to come out a hero — it [needs to commit to more voluntary partnerships to deliver more shots around the world](, not just to rich countries. And it doesn’t need to give up its beloved patents to do it. It may be tempting to start talking about the pandemic in the past tense, but Covid cases are now [growing rapidly in parts of the world less equipped to cope]( with outbreaks and where current vaccination rates may not result in herd immunity for years, David Fickling writes. This is a nightmare for the shipping industry — worse than a vessel getting stuck in the Suez Canal. That’s because as some countries look to require vaccine passports for entry, [many sailors live in places where it could be exceedingly difficult to get one](, Adam Minter writes. Getting vaccines to everyone is crucial because [new data show they’re even more effective]( than previously thought and offer our best chance at putting lockdowns behind us, Faye Flam writes. Related Virus Reading: If governments don’t [do more to prevent diseases from spreading from wildlife]( to humans, the next pandemic could be worse. — Bloomberg’s editorial board Technoking, Meet Awkwardking Nothing ruins a good joke like shouting “Just kidding!” in the same breath. A successful April Fools’ Day prank has to linger for a bit. It also generally should be April Fools’ Day. Volkswagen, consider this your comedy master class free of charge. After Elon Musk appointed himself [Technoking]( of Tesla purely for the lolz, Volkswagen AG decided to try its hand at quirky meme-stock humor, pretending to rename the company Voltswagen in a nod to its electric vehicle efforts. Except, whoops, Chris Bryant writes, [some meme-stock traders took the name change seriously.]( That’s because Volkswagen representatives initially insisted to inquiring journalists yesterday that they were totally serious, probably bursting into giggles while on mute. Eventually, they clarified: “April fools!” Yesterday was March 30. Listen, stop trying so hard to be Elon-cool and just focus on making cool electric cars, Chris writes. Telltale Charts PayPal Holdings Inc.’s chief executive demonstrated how its users can now pay for goods with Bitcoin — in this case, ostrich cowboy boots. Cryptofans will add this to their talking points. But, Brian Chappatta writes, if you think Bitcoin is going to the moon, [why would you spend it on boots?]( Texas’ weeklong freeze may have erased more than a third of Vistra Corp. and NRG Energy Inc.’s combined Ebitda for the entire year, Liam Denning writes. Is a [private equity buyout in store?]( Further Reading Nike Inc. [won’t have trouble winning its Satan Shoe lawsuit](, in part because linking someone to the devil is almost always defamatory. — Stephen L. Carter “Can you convince the Congressional Budget Office?” is [a good standard of proof for Democrats and Republicans]( when debating issues such as the minimum wage. — Tyler Cowen Gone may be the days of [waiting an hour at a doctor’s office]( for a quick post-operative checkup. — Virginia Postrel Some conservatives want the Supreme Court to go beyond overturning Roe v. Wade, [but there are limits to what courts should do.]( — Ramesh Ponnuru ICYMI New York [legalized recreational marijuana](. Pfizer Inc. said its Covid-19 vaccine was [100% effective in teens.Â]( The Securities and Exchange Commission is [investigating those Archegos Capital trades.]( Kickers The creator of istheshipstillstuck.com revels [in its briefly viral glory.Â]( Watch this 6-foot-6 football prospect [run a 40-yard dash in 4.44 seconds.]( A dog [pooped in the White House](, but rumor has it it’s still a good doggo. Notes: Please send ostrich cowboy boots and complaints to Tara Lachapelle at tlachapelle@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](.  Like Bloomberg Opinion Today? [Subscribe to Bloomberg All Access and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. 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