President Joe Biden took on Republican criticism of his $2.3 trillion infrastructure plan on Wednesday, defending plans that go way beyond repairing roads, bridges, and airports.
He warned the United States risks falling behind China if it does not invest now in the sort of technology that would keep the nation innovating.
Critics have accused him of driving business out of the country with plans for an increase in corporate tax rates and say he is using the term “infrastructure” to include a grab bag of liberal priorities.
But Biden said infrastructure had always been an evolving word and that at 28%, his tax increase meant corporations merely would be paying their fair share.
“Do you think China is waiting around to invest in its digital infrastructure or research and development?” he said.
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“I promise you, they are not waiting,” the president said. “But they’re counting on American democracy to be too slow, too limited, and too divided to keep pace.”
His plan would increase the corporate tax rate to 28% while raiding companies’ overseas earnings.
Groups, including the Chamber of Commerce and the Business Roundtable, have warned the hike will crush American competitiveness and drive jobs out of the country.
But Biden reeled off a list of tax breaks he said favored corporations.
“It’s just not fair. It’s not fair to the rest of the American taxpayers. We’re going to try to put an end to this. Not fleece them,” he said. “28%? If you’re a mom and dad, a cop, firefighter, police officer, etc., you’re paying close to that in your income tax.”
Republicans have also taken issue with the president’s definition of “infrastructure,” arguing spending on affordable housing, a Civilian Climate Corps, and school improvements is just a way to smuggle liberal priorities on to the bill.
As Senate Minority Leader Mitch McConnell put it: “The latest liberal wish list the White House has decided to label ‘infrastructure’ is a major missed opportunity by this administration.”
“This plan is not about rebuilding America’s backbone,” the Kentucky senator said. “Less than 6% of this massive proposal goes to roads and bridges.”
Biden tackled the challenge head-on, saying that Americans “don’t just fix for today, we build for tomorrow.” He made the case that infrastructure includes high-speed internet as well as scientific research and development.
“The idea of infrastructure has always evolved to meet the aspirations in [the] American people and their needs.”
“And it’s evolving again today. We need to start seeing infrastructures through its effect on the lives of working people in America.”
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Earlier, the Treasury Department released details of plans to increase auditing and enforcement that it said would raise $2.5 trillion over 15 years.
