While the White House has outlined its plans to fund infrastructure projects across the country, Senate Democrats have other ideas, including a proposal to pull back on the newly passed tax plan.
While the White House has outlined its plans to fund infrastructure projects across the country, Senate Democrats have other ideas, including a proposal to pull back on the newly passed tax plan, The Washington Post reported.
Democratic leaders revealed details of their plan on March 7, outlining a way to get more than $1 trillion to fund various infrastructure projects, including:
- $140 billion for road and bridge improvements;
- $115 billion for water and sewer improvements; and
- $50 billion for rebuilding the nation's schools, The Washington Post reported.
To get the funds necessary for these key projects, the Democrats' plan is expected to include:
- restoring a top income tax rate of 39.6 percent;
- reinstating the individual alternative minimum tax;
- repealing estate tax cuts; and
- raising the corporate income tax to 25 percent from 21 percent, The Washington Post reported.
In February, President Trump outlined his $1.5 infrastructure plan that relies on a combination of incentives, expanding federal loan programs and block grants along with contributions from state and local governments to pay for significant infrastructure improvements throughout the country. In addition, the White House's plan supports a better, more streamlined process for permitting and regulations, which would allow these projects to get off the ground much faster than they have in the past.