President Biden visited Connecticut Friday, in part, to try and salvage his Build Back Better proposal. Connecticut Republicans say the state and the country can’t afford it.
“It’s paid for with tax hikes and it’s not tax hikes on wealthy people as they define wealthy people. It’s tax hikes on families making over $50,000 a year," Connecticut Republican Party Chairman Ben Proto says.
Proto says Connecticut would pay the price if this $3.5 trillion package goes through.
“Now they want to put another $3.5 trillion on the backs of taxpayers and since Connecticut is the highest taxed state in the country, where is the money going to come from?” Proto asks.
Get Connecticut local news, weather forecasts and entertainment stories to your inbox. Sign up for NBC Connecticut newsletters.
Biden was at the Capitol Child Development Center in Hartford to highlight the portion of the bill that would guarantee parents don’t pay more than 7% of their income on child care.
“Washington, D.C. and Hartford have really lost sight of what it is for working women and men to just try to pay the bills,” Proto says.
Democrats argue it will help working families and it won’t increase inflation because it’s paid for with an increase in taxes on corporations and those making over $400,000 a year.
We caught up with Sen. Chris Murphy Thursday on his annual walk across the state.
“The Build Back Better plan isn’t going to increase inflation because we're going to pay for it all. Inflation increases when you’re deficit spending, but we’re not intending to borrow in order to pay for these investments. We’re going to raise taxes on billionaires and corporations. It’s not going to cost anything because we’re going to pay for it,” Murphy said.
“Something isn’t paid for if you have to take money from someone else to actually pay for it,” said Carol Platt Liebau, president of the Yankee Institute.
Liebau says it’s basic economics.
“When you pump more money into the economy and you do a whole lot more government spending that’s already going to make the inflation that is hurting the people of Connecticut that’s going to make that problem even worse,” Liebau says.
What does this mean for the average citizen?
“It means they do end up having to make terribly tough choices between buying milk, buying gas and buying toys for their children this Christmas and those are choices that I’m sure none of us want to have to see the people of Connecticut making,” Liebau says.