U.S. Senate Democrats today proposed a $1 trillion infrastructure plan that would be paid for by repealing numerous tax cuts that were enacted in December 2017 (Pub. L. No. 115-97, also referred to as the “Tax Cuts and Jobs Act”).
Under the Democrats’ infrastructure plan:
In addition, further changes would be made to the tax treatment of partnership “carried interests.”
These proposed tax changes would, according to the legislation’s sponsors, raise $1.022 trillion over 10 years.
The infrastructure legislation would fund investments in projects for roads, bridges, schools, airports, and "universal" high-speed internet. Senate minority leader Chuck Schumer (D-NY) said in a “tweet” that “…the American people will prefer creating close to 15 million middle-class jobs than giving tax breaks to the wealthy.”
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