While President-elect Donald Trump continues to defend his proposal to invest a $1 trillion in infrastructure, a member of Congress is reminding his colleagues that he, too, has a plan for upgrading the country’s crumbling infrastructure.
Last week, Rep. John Delaney (D-Md.) started to float his proposal aimed at establishing an infrastructure fund soon after learning the Trump transition team was mentioning a plan similar to his.
The congressman’s office cited Steve Mnuchin, a member of Trump’s transition team, who acknowledged the potential benefits of creating such a fund.
“We have a big bipartisan coalition in Congress that is ready to work on rebuilding America using revenues from international tax reform, and we are encouraged that Mr. Mnuchin has indicated that the next administration is moving in this direction,” Delaney said.
“Conservatives, moderates and progressives understand that by combining international tax reform and infrastructure we can create good jobs, encourage more domestic investment and improve our business climate for decades to come,” he added.
Delaney’s legislation, reintroduced last year, would create a $50 billion infrastructure fund backed by selling bonds to private companies that could repatriate part of their overseas earnings tax-free. Despite bipartisan support, Republican leaders ignored the legislation.
Trump’s proposal differs significantly from the congressman’s bill. The next president pledged to push a bill during his first 100 days in office that would provide $137 billion in tax credits meant to entice companies to build and maintain big-scale infrastructure. The tax credits, Trump’s campaign advisers argued, would help achieve a $1 trillion investment in new infrastructure over a decade.