Senate Democrats have unveiled a plan to rebuild America’s infrastructure.
The plan, “Blueprint to Rebuild America’s Infrastructure,” would make a $1 trillion federal investment to modernize the nation’s infrastructure and create more than 15 million jobs.
“Farm Credit appreciates the infrastructure proposal today from Senate Democrats, particularly its strong focus on rural infrastructure,” said Todd Van Hoose, Farm Credit Council president and CEO. “Thankfully the need to support rural communities, help them attract and keep jobs and keep American agriculture as a leader in the world is a bipartisan issue.”
From the Blueprint:
- The American Society of Civil Engineers says the nation must spend $1.6 trillion above current levels to get the nation’s infrastructure to a state of good repair.
- Deteriorating infrastructure costs the economy close to $200 billion a year.
- Tax loopholes used by corporations will offset associated costs.
The plan would return the top individual tax rate to 39.6%, set the corporate tax rate at 25% and go back to 2017 law for the Alternative Minimum Tax, Politico reports. It would also undo the exemption increase for the estate tax and end the beneficial tax treatment of carried interest.
The plan spends $140 billion to make sure the highway trust fund is solvent, $140 billion on roads and bridges and $40 billion on high-speed internet, according to The Hill.
Republicans dismissed the plan, with Senate Leader Mitch McConnell calling it a “nonstarter.”
Source: U.S. Senate, Farm Credit Council