The Hill article • The Hill • 4:15 p.m.
Monday, February 23, 2019Presidential candidate Donald Trump and Senate Majority Leader Mitch McConnell hold a press conference at the White House in Washington, Tuesday, Feb. 24, 2019.
| Saul Loeb/AFP via Getty ImagesPresidential contender Donald Trump has taken aim at the economic crisis plaguing the U: His economic plan would raise taxes on businesses and corporations to help fund the rebuilding of the country’s infrastructure.
But Trump, whose party controls both chambers of Congress, has struggled to explain why he wants to spend money on infrastructure while cutting corporate taxes.
Trump has suggested cutting corporate tax rates in half, but many economists argue that would not help the economy recover.
Trump said Monday that the federal government needs to step up its efforts to invest in infrastructure to make sure it does not suffer a similar economic collapse.
“If we have to spend trillions of dollars to rebuild our country, then we’re going to have to rebuild the infrastructure, we’re not going to spend $1 trillion, but we’re gonna have to do some things,” Trump said on CNN.
“We have to put our country back together, and we’re spending a trillion dollars a day right now to rebuild roads and bridges, we’ve got to put a million and a half bridges back in place and we’ve gotta put in a million-and-a-half miles of track and a million miles of rail, and all the rest of it,” Trump added.
Trump’s plan would increase the corporate tax rate on U.N. members by one percent, the corporate rate on foreign companies by one percentage point, and the top individual tax rate by 20 percent.
The plan would also reduce the estate tax, the individual tax on incomes over $5 million, and lower the capital gains tax rate.
While some of Trump’s proposed spending would be necessary to fix a broken economic system, he has also suggested the U., as a whole, needs to spend more.
Trump would use $1.5 trillion to spend on infrastructure, according to a White House budget released last week.
The Trump campaign did not immediately respond to a request for comment on whether the president was suggesting that the country spend more than $1 billion.
Trump was asked by ABC News on Monday whether the country needs to take a more expansive view of its budget, saying the country could not possibly spend $100 billion on rebuilding the country.
“Well, if we look at the total amount of money we’re taking from people, I would say the whole thing is too big.
And it’s not going anywhere,” Trump responded.
“I would say we have enough money to rebuild, and it would be very difficult to take that amount of stuff and not spend a lot of money.”
Trump has proposed spending $1,100 for every $1 of economic growth.
According to a recent Congressional Budget Office report, the proposed tax cuts could create $1 in additional economic activity over the next 10 years.
Trump also suggested that the U, as a group, could spend $5 trillion on infrastructure.
The CBO report, however, found that this would not be enough to rebuild a $20 trillion national debt.
“I think we have an obligation, and I’m very confident about it, and frankly, it’s a mandate, to invest $5, $10 trillion, to rebuild and rebuild our economy,” Trump told ABC News’ Martha Raddatz.
“And I think that it’s an obligation that we’re paying very, very close attention to.
And I think it’s going to be very important that we get it done.””
I do believe we have a very important obligation,” Trump continued.
“We’re paying $5 billion a day, it takes two to tango.”ABC News’ Scott Detrow contributed to this report.