Senate Democrats Unveil $1 Trillion Infrastructure Plan

Thursday, March 8, 2018 - 2:45pm

A group of nine Senate Democrats, including Minority Leader Chuck Schumer, D-N.Y., unveiled a $1 trillion infrastructure plan Wednesday that includes measures from the Affordable Housing Credit Improvement Act and proposes several renewable energy tax credits. The plan suggests strengthening the low-income housing tax credit (LIHTC), but doesn’t specify how to do so. The plan would also increase funding for the Choice Neighborhoods and Community Development Block Grant programs. The proposal includes $140 billion for roads and bridges, $115 billion for water and sewer systems, $115 billion for public transportation, $80 billion for energy grid innovation, $50 billion for rail infrastructure and $30 billion for ports and waterways. The infrastructure plan calls for a rollback to some changes made in H.R. 1, the tax legislation passed at the end of 2017. The changes include an increase in the corporate tax rate from 21 percent to 25 percent and a return to income taxes and estate taxes for high-income earners that were present before the passage of H.R. 1.