Rep. John B. Larson announced Tuesday the America Wins Act, a $1 trillion proposal to rebuild the nation’s crumbling infrastructure and to create millions of jobs for the middle class over the next decade.
"I am introducing the America Wins Act in order to repair our crumbling roads and bridges and to jump start transformative projects that can solve our infrastructure challenges. This is a jobs program for the middle class and it is fully paid for without adding to the national debt. It is time to invest in our infrastructure and invest in America,” said Larson.
The America Wins Act will provide a dedicated revenue stream of $1 trillion over 10 years to invest in all types of infrastructure from roads, bridges, tunnels, transit systems, rail, airports, clean drinking water, levees, broadband, and energy transmission.
Larson's bill would raise an estimated $1.8 trillion over 10 years by setting an upstream tax on the carbon-content of fossil fuels such as coal, oil, and natural gas.
The America Wins Act proposal includes a $49 tax for every ton of carbon dioxide pollution from fossil fuels. The tax would increase annually 2 percent above inflation. It would also be phased in over time and a carbon equivalency fee would be imposed on imports to ensure that foreign competitors play on a level playing field with domestic firms.
All of the revenue raised will be placed in a trust fund, administered by US Treasury, in order to be solely used for investing in the nation’s infrastructure.
Because the tax would get passed along to consumers, there would also be a carbon tax rebate of about $800 billion.
Larson emphasizes the America Wins Act would be fully paid for without adding to the national debt.
Larson’s proposal is not the only infrastructure plan up for debate in Congress. However, he says none of the other proposals “are as bold” or raise as much money as the one he is proposing.
To learn more about the proposal please visit: https://larson.house.gov/issues/america-wins-act