AFL-CIO President Richard Trumka released the following statement on President Barack Obama’s fiscal year 2016 budget proposal:
In the State of the Union, President Obama forcefully advocated for working families and the bold actions we need to create an economy that truly works for all working people. His budget follows through with a number of proposals that would benefit American workers, such as repeal of harmful sequestration cuts, higher taxes on capital gains and a financial crisis fee on the largest financial institutions. These are all pieces to a robust program to raise wages.
But when it comes to fixing our rigged corporate tax system, the actual proposals in President Obama’s budget don’t match the rhetoric. As this budget stands, it falls short of a very simple standard: our tax system should not encourage corporations to shift jobs or profits overseas. We are also disappointed that the administration continues to propose corporate tax reform that does not raise significant amounts of revenue over the long term.
President Obama’s budget proposal to increase infrastructure investment is an important step in the right direction. But it does not go nearly far enough. Our economy needs trillions of dollars in investment to drive the productivity growth vital to raising wages. Our current infrastructure deficit, taken in context with the egregious level of inequality in our economy, means that we have to completely rethink our sense of progress.
Our crumbling roads and bridges need more than one-time or short-term fixes. We need a big vision if we are to build the future America and its workers deserve.