Biden economic adviser says she supports corporate tax increases because it’s the ‘right thing to do’

Council of Economic Advisers Chair Cecilia Rouse on Sunday stated the president is proposing corporate tax increases because it’s the “right thing to do.”

CBS’s “Face the Nation” anchor Margaret Brennan pressed Rouse about Biden’s proposal to improve the corporate tax charge from 21% to 28% or probably larger after Rouse stated Biden’s $2 trillion spending plan is “good for the economy.”

BIDEN’S $2T SPENDING PLAN, BILLED AS INFRASTRUCTURE BILL, SPENDS LESS THAN HALF ON INFRASTRUCTURE

“This is 15 years of higher taxes to pay for eight years of spending. Can you really say that’s not a cost?” Brennan requested.

“I would say that the reason why the president is proposing these corporate tax increases is because that’s just the right thing to do,” Rouse stated. “He believes we should be… encouraging these corporations to pay their fair share.” 

The Biden administration announced a huge spending plan final week that it stated could be paid for with a rise in the corporate tax charge and taxes on rich people. The plan would roll again a part of former President Donald Trump’s 2017 tax cuts.

While Biden has been selling the proposal as a means to deal with infrastructure issues, a Fox News analysis of the “American Jobs Plan” exhibits that lower than $750 billion of the spending would truly go in direction of infrastructure.

BIDEN CORPORATE TAX HIKE COULD SHRINK ECONOMY, SLASH US JOBS, STUDY SHOWS

Despite Rouse saying Biden’s proposals are “good for the American economy,” the Tax Foundation says the corporate tax increases may cut back the GDP and eradicate 159,000 jobs. 

“The economic literature shows that corporate income taxes are one of the most harmful tax types for economic growth, as capital investment is sensitive to corporate taxation,” an evaluation by the group reads. “The corporate income tax raises the pretax return firms required to pursue investment opportunities, reducing the pool of investments that firms find worthwhile to pursue. This lowers long-run economic output, reducing wages and living standards.”

Senate Republicans vehemently oppose the spending plan. They say it’s too costly and goes far past infrastructure wants, reminiscent of changing ageing bridges and highways. 

It “redefines infrastructure to include hundreds of billions of dollars of spending on priorities like health care, workforce development, and research and development,” Sen. Rob Portman, R-Ohio, stated. 

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Sen. Ted Cruz, R-Texas, stated the $2 trillion plan is “really just the Green New Deal lite masquerading as an infrastructure plan.”

“It contains sweeping far-left priorities like attacking blue-collar Americans’ right-to-work protections, a huge favor to big labor bosses,” Senate Minority Leader Mitch McConnell, R-Ky., stated.