The Congressional Progressive Caucus responded to President Trump’s infrastructure proposal by suggesting the government spend $2 trillion over the next 10 years.
President Trump will propose $200 billion in infrastructure tax breaks this week – hoping to “spur $1 trillion worth of infrastructure construction” – but liberal Democrats say it’s not enough.
Liberal Democrats would spend about a quarter of the first-year investment ($50 billion out of $200 billion) on a “green-growth” energy plan that would benefit renewable energy. They would then spend $39 billion of the $200 billion on roads and bridges, $35 billion on drinking water, and $35 billion on transit.
There’s one big question, of course: how does a government with nearly $20 trillion in debt pay for $2 trillion in infrastructure investments over just 10 years?
Liberal Democrats devote one, short paragraph in their 17-page proposal to explain how (emphases ours):
The critical investments included in our New Deal for Jobs are fully paid for by closing corporate tax loopholes and ensuring that Wall Street contributes its fair share toward rebuilding America. Currently, businesses can defer paying taxes on their overseas profits until that money is repatriated to the United States, often prompting these firms to hold the money abroad indefinitely. Our plan requires companies to pay U.S. taxes on these profits by closing this tax “deferral” loophole and the active financing exemption, while also removing this incentive for American corporations to hide money in tax havens abroad. New Deal for Jobs also establishes a tax on Wall Street transactions, bringing the United States in line with more than 30 other countries that impose this type of fee while reducing risky speculation.
The progressive group does not provide the calculations they made to ensure the $2 trillion is paid for by these new taxes on corporations and financial firms.
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