Wealthy investors and business owners overwhelmingly support the Biden administration's infrastructure plan, according to a new UBS survey.
Yes, but: It starts to drop off for "social infrastructure" initiatives, like child care services and elderly care.
Why it matters: It mirrors the fight that’s escalated in Washington over how to rebuild America — what should be in the plan and how it should be paid for.
What they’re saying: “The notion that this is going to be fully offset by tax increases I think is unrealistic,” Mike Ryan, a divisional chairman at UBS, tells Axios.
The intrigue: Nearly all — 97% of investors and 94% of businesses — want the plan funded without raising the deficit.
- 72% of investors support paying for the plan “through corporate tax reform.” 83% of business owners say the same.
- Corporate America has unsurprisingly opposed proposals to raise their tax rate.