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Illinois Congressman blasts tax hikes to pay for infrastructure plan

As Democratic lawmakers and the Biden administration explore ideas for an infrastructure plan — Rep. Rodney Davis (R., Ill.) is urging them not to raise taxes to pay for it. The White House is looking at a range of options to fund a long-term recovery package, including raising the corporate tax rate and hiking taxes on the highest-earning Americans.
"After we come out of our pandemic — where we need our economic growth to be nuclearized — they're going to open up the tax code to pay for, not just a partial amount of the $3 trillion for infrastructure, they're going to use the income tax code to pay for their climate priorities," said Davis in an interview with Yahoo Finance Live. "They're going to raise corporate income tax rates. Small businesses that have been hurting throughout this pandemic are going to see their taxes go up."
The Biden administration has not yet finalized its long-term economic plan. On Monday, White House Press Secretary Jen Psaki said President Biden is considering a range of options and called speculation about the proposal premature.
During a congressional hearing on Tuesday, Treasury Secretary Janet Yellen defended potential tax increases to go toward infrastructure, education, job training and climate change risks.
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