Gallagher Statement on Biden's Trillion-Dollar "Infrastructure" Plan
Rep. Mike Gallagher (R-WI), a member of the House Committee on Transporation and Infrastructure, today released the following statement after President Biden formally announced his plans to dramatically increase taxes and spend trillions of dollars on boondoggles and Green New Deal initiatives.
“President Biden’s infrastructure plan looks more like the Green New Deal than a serious proposal to fix our roads and bridges. To make things worse, it would be paid for by trillions of dollars in tax increases that would hurt middle-class workers and devastate the American economy. Reckless spending financed by policies that will discourage investment and offshore American jobs is one heck of a way to ‘build back better.’”
The plan, as Rep. Gallagher discussed on the Hugh Hewitt Show this morning, would:
- Raise the corporate tax rate from 21 to 28 percent, which combined with state taxes, would drag the United States back to having the highest combined corporate tax rate in the developed world
- According to the Tax Foundation, Biden’s corporate rate increase alone will eliminate 159,000 jobs and reduce wages by 0.7 percent.
- Put American companies at a disadvantage compared to their foreign competitors by imposing an uncompetitive minimum tax on American companies
- Impose an additional death tax on Americans by eliminating the step-up in basis
- Increase the tax-rate of one million small businesses filing as C-corporations by 33%