Democrats’ new infrastructure plan is “clearly about raising taxes on American families not upgrading our roads, bridges, and water systems,” a top Republican senator said.
Democrats unveiled a $1 trillion infrastructure package that would largely be paid for by eliminating some Republican-backed tax cuts. Democrats say their plan will create 15 million jobs, but Wyoming Sen. John Barrasso said the plan would hurt the economy.
“The Democrats’ plan is clearly about raising taxes on American families — not upgrading our roads, bridges, and water systems,” Barrasso said in a statement.
“We need a robust and fiscally responsible infrastructure plan that will help, not hurt, America’s economic growth,” Barrasso added as chairman of the Senate Committee on Environment and Public Works, which handles infrastructure bills.
Democrats’ infrastructure plan specifically would raise the top, marginal, income tax rate back to 39.6 percent, reinstate the full alternative minimum tax, close the carried interest “loophole,” and raise corporate taxes to 25 percent.
Reversing these tax cuts would raise about $1 trillion over 10 years, Democrats say. It’s the Democrats’ answer to President Donald Trump’s $200 billion infrastructure plan, which was laid out in February.
We can either pretend we’re going to invest in our country’s #infrastructure, or we can actually do it. @SenateDems have a $1 trillion infrastructure plan that makes real investments in our country and our workers pic.twitter.com/xPmwfjz8Oq
— Senator Tom Carper (@SenatorCarper) March 7, 2018
Reversing recent tax cuts, however, would hurt the economy and American incomes, Barrasso said. U.S. companies have been generously handing out bonuses, wage and benefit increases in the wake of GOP-led tax cuts.
“If Chuck Schumer and the Senate Democrats spent more time working with Republicans on infrastructure and less time thinking of new ways to raise taxes on hard-working Americans, we would be making more progress,” Barrasso said.
“More than 90 percent of American workers have seen more money in their take-home paychecks because of the tax relief law. Now Senate Democrats want to take their hard-earned money away from them,” he added.
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