McConnell Vows to Fight $2.3T Infrastructure Plan
Senate Minority Leader Mitch McConnell is vowing to oppose President Joe Biden’s $2.3 trillion infrastructure plan.
Speaking about the federal response on the pandemic at a hospital in Owensboro, Kentucky, McConnell said Biden’s plan “is not going to get support from our side.”
“The last thing the economy needs right now is a big whopping tax increase on all the productive sectors,” McConnell said.
Biden’s vehicle for financing his infrastructure plans is a key dividing line. Republicans object to raising the corporate tax rate to 28% from 21%, one of the many changes so that business taxes would fund infrastructure. Republicans had cut the corporate rate from 35% in 2017, a hallmark policy achievement of Donald Trump’s presidency.
“Just a little over a year ago, we had the best economy in 50 years,” McConnell said.
“The principal reason for that was the tax reform package we did in 2017, which drove the rates down for corporations, for individuals and for those who are producing the jobs that were benefiting everybody in the country,” he said.
The task will involve lots of salesmanship for a legacy-making piece of legislation that Biden announced in a Wednesday speech.
His administration must sway Congress. It needs to rally voters. It’s also looking to outside economists to back the plan.
“My view about infrastructure is we ought to build that which we can afford,” McConnell said. “And not, either whack the economy with major tax increases or run up the national debt even more.”