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Schumer proposes restoring taxes for wealthy to pay for infrastructure

Schumer proposes restoring taxes for wealthy to pay for infrastructure

The Senate Democrats' Jobs & Infrastructure Plan for America's Workers would invest a little more than $1 trillion into improving infrastructure in the United States, including setting aside $140 billion to fix roads and bridges, $115 billion to modernize water and sewer infrastructure and $50 billion to rebuild schools and $40 billion to improve airports and airspace.

A new 2018 midterm poll shows that if elections were held today, five Senate Democrats would lose to Republican challengers in states that President Donald Trump won in 2016. "Schumer would only accelerate the exodus of people and jobs from NY".

"President Trump is growing the economy for all Americans so that we can continue to deliver lowers taxes AND 21st century infrastructure, because that's what the people deserve", she added.

The plan calls for returning the individual tax rate on the highest earners to 39.6 percent from 37 percent. The corporate tax rate under the old code was 35 percent.

The Democrats' proposal includes $140 billion for roads and bridges, $115 billion for water and sewer projects, and $50 billion for school construction projects. The White House touts the plan as a way to spur a total of $1.5 trillion in investments through the assistance of private sources.

The Highway Trust Fund is the largest source of federal aid to the states for road projects and mass transit, typically funding 80 percent of the costs of interstate highway projects.

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GOP chair eyes opioid bill vote by Memorial Day Trump eases rules on insurance sold outside of ObamaCare Grassley, Dems step up battle over judicial nominees MORE (Ore.), the top Democrat on the Senate Finance Committee, said that Democrats will also highlight "all the efforts we made to be bipartisan" and the missed opportunities for Democrats and Republicans to work together, such as on using tax revenue from the repatriation of foreign earnings to pay for infrastructure.

"I have long argued that we need a robust, long-term infrastructure plan to strengthen our communities, help us prepare for the future, and create thousands of jobs in New Mexico and across our country". It would also eliminate the so-called carried interest loophole, which was left in place in the GOP bill and allows some investment managers to have their income taxed at lower rates.

"We're very positive about going full steam ahead showing our plan and the contrast with what the Republicans want to do with the money", Mr. Schumer said.

"The plan [by congressional Republicans] just doesn't come close to what America needs", Schumer said.

Schumer said the Democrats' blueprint would fund projects of all sizes, including money reserved for smaller proposals.

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