WASHINGTON— The Progressive Policy Institute (PPI) today released the following statements prior to President Trump’s State of the Union address, which is expected to focus on a $1.5 trillion infrastructure plan:
“The GOP’s insistence on passing tax cuts first will make it harder to tackle the infrastructure challenge,” said PPI President Will Marshall. “For example, House Republicans have proposed to kill the exemption for ‘private activity bonds’ that help leverage private investment in repairing and upgrading infrastructure. And if Republicans use revenues from repatriating overseas profits to offset the cost of their rate cuts, that money won’t be available to finance the big infrastructure push we need.
“GOP leaders have broken their promise to make tax reform ‘revenue neutral’ and now propose to add $1.5 trillion in new borrowing to the national debt. Where are the fiscal hawks of the House Freedom Caucus, who were so fierce in their attacks on Obama’s alleged fiscal profligacy? Back in their nests, cooing contentedly as their party sticks future generations with the bill for lower tax rates today.”
“The Republican tax bill gave away trillions to the richest one percent, squandering all the money needed for investments that would actually grow the economy to the benefit of all Americans; namely, rebuilding our antiquated infrastructure to be competitive in the digital economy,” said Paul Bledsoe, PPI Strategic Adviser. “Trump’s infrastructure promises are lies—because he’s given away all the money needed to pay for them. Democrats should propose rescinding the Republican tax giveaway to the rich and put forward middle class tax cuts and a robust US infrastructure plan to benefit everyone.”