As the White House struggles to finance an ambitious infrastructure plan, Senate Democrats are proposing one alternative – albeit one unlikely to pass muster with President Donald Trump: rolling back the recently passed Republican tax overhaul.
The proposal to be unveiled by Democratic leaders Wednesday would plow just over $1 trillion into a wide range of infrastructure needs, including $140 billion for roads and bridges, $115 billion for water and sewer infrastructure and $50 billion to rebuild schools.
The spending would be offset by clawing back two-thirds of the revenue lost in the Republican tax bill by reinstating a top income tax rate of 39.6 percent, restoring the individual alternative minimum tax, reversing cuts to the estate tax, and raising the corporate income tax from 21 percent to 25 percent.
Senate Minority Leader Charles E. Schumer, D-N.Y., said in an interview Tuesday that the plan sets up a stark contrast for voters ahead of the midterm elections.
“We believe overwhelmingly the American people will prefer building infrastructure and creating close to 15 million middle-class jobs than giving tax breaks for the wealthy,” he said.
(c) 2018, The Washington Post · Mike DeBonis