President Joe Biden defended his plan Friday to raise taxes significantly to help pay for his proposed $2.5 trillion infrastructure spending bill.
“Raising taxes, studies show, will not slow the economy at all … It will make the economy function better and will create more energy,” he said.
Biden spoke to reporters about his plan at the White House on Friday morning before leaving for the weekend.
The president’s plan would raise the corporate tax rate from 21 percent to 28 percent, and raise taxes for individuals making more than $400,000 a year. Biden argued the tax hikes were necessary to help pay for his dramatic spending proposal.
“If the Republicans decide that we need it but they’re not going to pay for it, it’s just going to increase the deficit,” Biden said.
Senate Minority Leader Mitch McConnell vowed to fight Biden’s proposal, during a press conference