Kudlow: Biden's $3T tax hike will 'decimate the economy'
FOX Business' Larry Kudlow discusses the Biden administration planning to increase taxes on the wealthy and its potential impact on the economy.
Top GOP figures launched a new group to fight back against proposed tax hikes under President Biden and pressure politicians to vote against his anticipated $3 trillion infrastructure plan.
The Coalition to Protect American Workers officially launched its website Tuesday and is designed to fight back against proposed tax increases on businesses.
"This is not the time for unnecessary tax increases that will destroy jobs," the website says. "Congress should be saying yes to good jobs, not creating new taxes."
BIDEN PLOTS TAX HIKE ON WEALTHY AMERICANS, CORPORATIONS TO FUND $3T INFRASTRUCTURE PLAN
Axios first reported the existence of the first major conservative group formed exclusively to block Biden's tax agenda. Fox News confirmed the launch and learned that the group is planning to spend upward of $50 million this year on political advertising and organizing.
FILE - In this Monday, Sept. 16, 2019 file photo, Marc Short, chief of staff for Vice President Mike Pence, speaks with reporters at the White House in Washington. (AP Photo/Alex Brandon, File)
The first ads should go up within the month, a source familiar with the efforts told Fox News. Ads will target congressional Democrats backing Biden's infrastructure plan and expected tax increases, as well as Republicans who may be considering supporting the massive new investments.
BIDEN TO LAY OUT TAX-INCREASE PLAN TO FUND INFRASTRUCTURE BILL THIS WEEK, JEN PSAKI SAYS
Biden is expected to unveil his infrastructure plan on Wednesday, which is to be funded through tax increases on wealthy individuals and corporations.
Marc Short, a former Trump White House official and chief of staff to former Vice President Mike Pence, is among the leaders of the group. Other founders are linked to Trade Works for America, an outside group that backed former President Donald Trump's United States-Mexico-Canada Agreement (USMCA) trade deal, the source familiar said.
In a statement to Fox News, Short credited the Trump-Pence 2017 tax cuts for creating millions of jobs prior to the coronavirus pandemic.
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"Democrats now want to pass job-killing tax increases that will stifle our economy as the country is finally emerging from a pandemic," Short said.
The Coalition to Protect American Workers is a 501(c)(4) group, which means its donors can remain anonymous.
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