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Biden Vows 'Good-Faith Negotiations' With GOP to Pass Infrastructure Plan
Posted
March 31, 2021
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2:06Now PlayingPresident Joe Biden laid out his plan to invest in the country's infrastructure, claiming "it's honest, it's fiscally responsible."
“In 50 years, people are gonna look back and say, this was the moment that America won the future,” said Biden during a speech in Pittsburgh.
"What I'm proposing is a one time capital investment of roughly two trillion dollars in America's future, spread largely over eight years, will generate historic job growth. Historic economic growth helped businesses to compete internationally, create more revenue as well."
Biden's proposal would gut the core of Former President Donald Trump's 2017 tax cuts - an affront to many Republican lawmakers, who would also prefer that infrastructure stay in a narrow lane.
The corporate tax rate would jump to 28% from 21% under Biden's plan, and a global minimum tax would be charged to prevent companies from avoiding taxes.
Almost every trade group in Washington representing interests from semiconductors to steel has a stake in the infrastructure bill, as does organized labor, which sees the potential for union jobs.
Business groups have long backed bold investment in infrastructure - just not through taxes on their members.
Senate Minority Leader Mitch McConnell of Kentucky called the plan a “Trojan horse” for tax hikes.
Trump issued a statement saying the big winner would be China because U.S. jobs would move overseas due to higher taxes.
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