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Expand chart
Data: UBS Investor Pulse; Chart: Danielle Alberti/Axios

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.

Go deeper

May 20, 2021 - Politics & Policy

GOP open to boosting IRS collections for infrastructure

Illustration: Shoshana Gordon/Axios

Key Senate Republicans are open to paying for a potential bipartisan infrastructure package with one of President Biden’s proposals: increased IRS funding to boost tax enforcement and collections.

Why it matters: By inching toward an agreement about how to pay for a portion of a potential $800 billion, “hard” infrastructure package, centrist Republicans are creating an avenue for a deal.

Treasury releases plan to close the "tax gap" to raise revenue

Illustration: Annelise Capossela/Axios

The Treasury Department on Thursday unveiled new tax compliance measures that it estimates will raise an additional $700 billion in tax revenue over the next decade, before raising $1.6 trillion in the second decade.

Why it matters: The initiatives are part of President Biden’s American Families Plan agenda and they aim to close the “tax gap” between what the government is owed and what is actually paid.

Updated 2 mins ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.