Ashley Schapitl (202)224-4515
Wyden Statement on Republicans’ Infrastructure Proposal
Washington, D.C.—Senate Finance Committee Chair Ron Wyden, D-Ore., today released the following statement on Republicans’ infrastructure proposal:
“Republicans’ package is far too small to fund the investments the American people need and strongly support. It’s just a quarter of what President Biden has proposed, and it’s not a serious effort to do anything at all about the climate crisis. Yesterday, I unveiled my Clean Energy for America Act, and today President Biden pledged that the United States would cut its emissions in half by 2030. Republicans respond with a plan that includes no investments in our clean-energy future. The contrast couldn’t be more stark. It’s been 12 years since Democrats last had a real opportunity to pass climate legislation, and if Republicans aren’t serious about addressing the climate crisis, we can’t afford to wait another 12 years.
“Republicans’ insistence that middle-class families and local communities foot the bill for everything from roads to water to broadband, while mega-corporations not pay a penny more in taxes isn’t acceptable. It’s important to understand just how little mega-corporations are contributing to the investments they benefit from. Corporations have never contributed less to federal revenues than they do now. Our analysis of CBO data shows corporate revenue is down nearly 40 percent from the 21st century average since Republicans’ tax giveaway. I’m not talking about comparing where we are today to where we were in the 1950s—I’m talking about comparing where we are today to where we were just five years ago. By some measures, the biggest corporations saw their taxes cut in half. In 2018, the United States was dead last among OECD countries in how much corporate tax revenue it collected as a share of GDP.
“Looking back to 2017, Republicans had an incredible opportunity to take the revenue that was repatriated from overseas to fund these types of investments. Instead, they used the money for even more tax cuts. Insisting that working people foot the bill and mega-corporations can’t even be part of the conversation isn’t a way to find common ground.”
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