President Joe Biden’s $2.3 trillion infrastructure plan is rife not only with “waste, fraud, abuse” and “corruption,” but the inflation we are seeing is a “Biden Tax” on lower-income families, according to House Minority Leader Kevin McCarthy, R-Calif.
“When the president talks about not raising taxes on people under $400,000, that’s a lie,” McCarthy told Sunday’s “The Cats Roundtable” on WABC 770 AM-N.Y. “Every day you watch the inflation that he is creating. This is the Biden Tax.”
Biden’s chief pay-for proposal to date is raising the tax on corporations from 21% to 28% and higher-income Americans – people who can afford it – but it will ultimately trickle down.
The infrastructure package in itself is a lie, McCarthy told host John Catsimatidis, because there is “no need to spend these trillions of dollars” when less than 10% – McCarthy suggests a mere 6% – actually will go to infrastructure.
“The real challenge is in these great big bills there’s just waste, fraud, abuse, but more importantly corruption,” McCarthy said.
Take for instance the electric vehicle market. Biden’s plan will be serving the top 3% of Americans with programs like the push for electric vehicles, which are not affordable for most.
“Less than 3% of America have an electric car, but they want the government to subsidize it,” McCarthy said. “And what they will do is raise the utility costs, a tax on all Americans.”
Biden’s plan tickets $174 billion to “win the market,” although Republican critics have noted China has a stranglehold on the rare earth materials used to make the batteries for electric cars.
The package is designed to be a New Deal infrastructure-like U.S. makeover, inspired by progressive Democrats’ Green New Deal.
The Senate Republican counter proposal homes in on roads, bridges, airports, and seaports for a true infrastructure plan, spending a fraction of the Biden proposal at $600 billion.
President Biden plans to meet with 6 Republican senators led by Sen. Shelley Moore Capito, R-W.Va., to discuss ways to get his package passed through the 50-50 split Senate. Outside of using budget reconciliation that can pass spending-related bills on a party-line vote, Biden will need 10 Republicans to sign on for his green American makeover.
