Newt Gingrich: Biden's Tax Increase Bill Is 'Masquerading as an Infrastructure Bill'
Former House speaker blasts Biden's American Jobs Plan
Former Speaker of the House Newt Gingrich said Biden's American Jobs Plan is just “a tax increase bill masquerading as an infrastructure bill.”
Gingrich wrote that the plan “will not create jobs or ultimately improve our infrastructure."
"It will kill jobs and make infrastructure projects more expensive in time and money.”
The former speaker said it was ironic that Biden’s decision to seek support for his American Job-Killing Tax Plan in Pittsburgh, the site of the 1791 central battlefield of the Whiskey Rebellion, where Americans fought against tax on whiskey imposed by the federal government.
Gingrich said Biden's plan to raise all domestic corporate taxes by one-third, and raise taxes on oil and gas companies is a recipe for economic disaster.
Gingrich pointed to the unemployment rate after the passage of the 2017 Tax Cuts and Jobs Act, noting that tax increases do not create jobs.
Those tax cuts led Americans to the lowest unemployment rates in modern U.S. history, most notably among Black and Latino Americans.
“Only a true-believing leftwing Washington zealot could imagine a reality in which any of these measures will make America better or improve the lives of Americans,” he stated.
Meanwhile, Mitch McConnell called the bill a “Trojan horse for far-left demands.”
“My advice to the administration: If you want to do an infrastructure bill, let’s do an infrastructure bill,” McConnell wrote.
"Before the pandemic, we had the best economy in 50 years. We should not raise taxes under the guise of an infrastructure bill and send our economy in the wrong direction.”
Rep. Kevin Brady (R-TX) blasted Biden's plans due to the fact that the United States is still in an economic crisis.
“No president has ever raised business taxes to recover from an economic crisis. This couldn’t come at a worse time,” he said.
Ann Wagner (R-MO) agreed:
“Why, as this country begins to reopen and recover economically, would the Biden administration be proposing tax policy which would, in the end, hurt the American family and millions of struggling small businesses?”
The Tax Foundation estimates that 159,000 jobs would be lost as a result of Biden's hike in the long term, along with wages and economic output taking a slight hit.