Senate Democrats' Infrastructure Plan Includes Money for Housing, Community Revitalization
In response to President Trump’s infrastructure plan released in February, Senate Democrats recently released “Jobs & Infrastructure Plan for America’s Workers.” The new plan proposes $1 trillion in total federal spending, compared to Trump’s $200 billion. To finance the plan, Senate democrats propose increasing the top marginal tax rate for individuals to its previous 39.6 percent and the corporate tax rate to 25 percent (from 21 percent).
And unlike the president’s proposal, the Democrats’ infrastructure plan includes funding for public housing capital investments, the HOME Investment Partnerships Program, the national Housing Trust Fund, the Low Income Housing Tax Credit, Choice Neighborhoods, Community Development Block Grants, USDA’s Rural Housing Service rental housing and homeowner assistance programs, and the Indian Housing Block Grant. The proposal also contains $25 billion to help communities rebuild following 2017’s disasters and build more resilient communities to reduce future devastation. The Senate Democrats propose several tax changes, including ones to help finance the investment.