President Biden’s tax-and-spend infrastructure plan will reduce the competitiveness of U.S. corporations, burden working-class Americans, and discourage the type of private investment in America that fuels economic growth.
President Biden has announced two ambitious, entwined economic policy agendas: raising the corporate tax rate and other taxes on large businesses to pay for a significant increase in spending on a broadly defined set of infrastructure objectives. While the case for at least some increase in infrastructure spending is sound, the case for unwinding the corporate tax reforms enacted in 2017 is not.
On fee.org, the website for the Foundation for Economic Education, author Brad Polumbo reported on Alex Brill’s estimates of the true cost of the American Rescue Plan.
Alex Brill recently joined James Pethokoukis on AEI’s Political Economy Podcast to discuss the potential economic impacts of spending initiatives in the wake of the COVID-19 pandemic.