WASHINGTON, D.C. –Ranking Member Martin Heinrich (D-NM) announced today the release of a new analysis by the Joint Economic Committee Democrats detailing the failures of the infrastructure plan introduced by Trump during the 2016 presidential campaign. The report finds that Trump’s proposal ignores critical areas of infrastructure need, costs more, delivers fewer jobs and wastes taxpayers’ money by handing out tax breaks to finance projects that would have happened anyway.
Despite promising bold action on infrastructure, President Trump has failed to deliver a plan more than 50 days into his administration. In the absence of an actual plan, JEC Democrats analyzed the proposal put forward by Trump during the campaign and concluded it falls far short of meeting America’s infrastructure needs.
The report reveals that the proposal’s sole reliance on an investor tax credit will not support the kinds of projects that are needed most. It will give a generous tax break to Wall Street while working Americans are stuck paying the bill. According to calculations by JEC Democratic staff, Trump’s proposal could cost nearly 55 percent more than traditional infrastructure financing while creating fewer good-paying jobs. Americans would also be burdened by high usage fees, including new tolls.
“President Trump has yet to make good on his campaign promise to invest in infrastructure,” said Senator Heinrich. “If his campaign proposal is any indication of what’s to come, the President’s grand plan seems to be to spend more for less. An investor tax credit won’t support the kinds of projects communities need the most, like urgent road and bridge repairs and upgrades of failing water systems. And his campaign proposal would give Wall Street a tax break while sticking working families with the bill. Infrastructure investment must meet our urgent needs, create jobs, and work for all Americans. Each day we wait, the cost of fixing our nation’s infrastructure climbs. ”
The report can be found here.
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For more information, please contact Latoya Veal at Latoya_Veal@jec.senate.gov or 202-224-0379.
