President Biden is hearing from the usual critics on his ambitious infrastructure plan. Business Roundtable likes the idea of getting all those roads and bridges, but does not want to raise corporate taxes to pay for it. In a statement released Tuesday, the megacorporations’ organization concedes:
Repairing and modernizing these systems, including U.S. highways, water systems and broadband, would create a stronger and more equitable economic foundation for all Americans, generate long-term growth for our country and yield vital environmental benefits. Business Roundtable estimates that an investment of approximately $1 trillion to $1.5 trillion is necessary to return U.S. physical infrastructure to a state of good repair, expand capacity to meet expected demand, and invest in new green infrastructure.
Still, the group said, it “strongly opposes corporate tax increases as a pay-for for infrastructure investment.” Considering how adept its giant corporate members are at legally avoiding taxes, it is a wonder they care what the plan’s proposed tax rate is. Moreover, considering the benefit they will derive from the infrastructure, it is churlish to demand someone else pay for it. That long-term growth means more profits for them. They benefit from a public good; they should be willing to chip in to pay for it.
