Senate Majority Leader Chuck Schumer unveiled the Democratic proposal to raise taxes on corporations and wealthy Americans to help finance a $1 trillion infrastructure bill this week; saying the widely-popular GOP tax cuts were failing and should be repealed.
Schumer announced the liberal proposal alongside his Senate colleagues Wednesday, urging Congress to raise the corporate tax rate by 4% and upper income tax bracket to its original 39.6% rate before the Republican-sponsored tax cuts.
“We want to roll back the Republicans’ tax giveaways to corporations and the wealthy and invest that money instead in jobs and infrastructure,” Schumer told reporters.
“Robbing Peter to pay Paul a pittance would not do nearly enough to rebuild our infrastructure,” he added.
Despite their widespread popularity and strong economic data showing a positive impact on the US economy, leading Democrats refuse to acknowledge the higher wages and expanded benefits seen by millions of American workers.
House Minority Leader Nancy Pelosi commonly refers to thousands of dollars in big bonuses as “pathetic crumbs” to hard-working Americans; calling the tax cuts “a gift” to corporate America.