Portman Statement on Administration and Congressional Democrats’ Proposed Tax Hikes to Pay for Administration’s Infrastructure Plan
CINCINNATI, OH — Today, U.S. Senator Rob Portman (R-OH) released the following statement regarding proposals from the Biden Administration and congressional Democrats that call for raising taxes to fund the administration’s $2.3 trillion infrastructure proposal:
“The massive tax increases proposed by the Biden Administration and my Democratic colleagues will make American workers and American companies less able to compete in the global economy. Thanks to the 2017 tax reform that these proposals would largely dismantle, more jobs and investment flowed back to the U.S. in the pre-Covid economy, including $1.6 trillion of investment. In addition, millions of jobs were created and America not only had growing wages and historically low unemployment, but also the lowest poverty rate ever recorded.
“All of this will be put at risk by raising taxes, which would make our workers and our businesses less competitive. The administration seems to acknowledge its own flawed policy by calling on other countries to impose similar tax hikes of their own so American companies won’t be uncompetitive. Many of our global competitors are doing just the opposite, lowering barriers to attract capital and jobs.
“The Biden Administration approach would cost more jobs and investment here in America during a time when our economy is beginning to recover. The pro-growth international tax reforms put in place by Congress through the Tax Cuts and Jobs Act in 2017 effectively stopped the numerous corporate tax inversions we saw during the Obama Administration that took U.S. jobs and investment overseas. Over the last three years we’ve seen U.S. companies bring $1.6 trillion in overseas earnings back to the U.S. to invest and create jobs here.
“We can work together to find common-sense ways to fund infrastructure legislation without resorting to partisan tax hikes which will reduce the competitiveness of U.S. companies, undermine investment in America, and harm U.S. workers and families.”