The Associated Press reports Senate Democrats have an alternative proposal that would reverse some of the recent tax cuts and direct that money towards funding the president's $1.5 trillion infrastructure plan.
The Democrat's proposal includes:
- $140 billion for road and bridge improvements
- $115 billion for water and sewer improvements
- $50 billion for rebuilding the nation's schools
Democrats would fund their $1.022 trillion infrastructure plan by:
- Reinstating the top income tax rate of 39.6 percent on the highest-earning households, couples earning more than $600,000 a year, up from 37 percent under the GOP tax cuts bill.
- Raising the corporate tax rate four points to 25 percent. The recent tax cut dropped the previous corporate rate was 35 percent but was cut to 21 percent for an indefinite period.
- Restoring the estate tax exemption to $11 million for couples
- Bring back the alternative minimum tax
- Eliminating the so-called carried interest loophole, which allows some investment managers to have their income taxed at lower rates
“The bottom line is very simple,” Senate Minority Leader Chuck Schumer, D-N.Y., told The Associated Press. “The vast majority of Americans would much prefer new, 21st century infrastructure than tax breaks for the wealthiest of people.”