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Democrats unveil $1 trillion infrastructure plan

Staff Writer | March 7, 2018
Democratic Party senators unveiled an infrastructure plan worth more than $1 trillion largely financed by rolling back parts of the Republican tax bill.
Chuck Schumer
America   A range of infrastructure requirements
The proposal calls for over $1 trillion to be directed to a range of infrastructure requirements. Repair and replacement of roads and bridges will account for $140 billion; $115 billion for water and sewers; and $50 billion to rebuild schools.

The plan's funding would come from reversing key parts from Republicans' tax overhaul legislation.

Under the Democratic plan, a top income tax rate of 39.6 percent would be restored with the individual alternative minimum tax.

It would also reverse cuts to the estate tax, raise the corporate income tax from 21 percent to 25 percent and close the "carried interest" loophole that benefits some money managers.

While the proposal's future is uncertain in a Republican-controlled Congress, it stands as an alternative to Trump's $1.5 trillion infrastructure plan, which depends heavily on state and private investment.

The Democrats' plan was unveiled at a news conference led by Senate Minority Leader Chuck Schumer. Speaking to reporters, he portrayed the plan as a different approach to spending on the U.S. infrastructure.


 

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