President Trump also told Bloomberg News on Monday that a gasoline tax hike is "something that I would certainly consider... if we earmarked money toward the highways". Trump's plan does call for eliminating most tax deductions, though that would hardly make up for the estimated loss of up to $5 trillion or more in the next 10 years.
The ASCE estimates the USA needs to spend some $4.5 trillion by 2025 to improve the state of the country's roads, bridges, dams, airports, schools, and more.
Press Secretary Sean Spicer told reporters Monday afternoon that the president is still weighing his options.
In an interview on CNBC, Trump infrastructure advisor and real estate developer Richard Lefrak from The Lefrak Organization admitted that a fuel tax is one of the third rails of politics. A small decrease in taxes is beneficial for the economy in the sense that it acts as an expansionary fiscal stimulus by increasing the incentive for people to work.
It is clear that Trump's tax cut plan is poorly planned and does not take many factors into consideration.
"The cost of doing nothing is more expensive than a higher fuel tax", said Chris Spears, president of the American Trucking Association. President Donald Trump's proposal favors more affluent taxpayers and would add considerably to the federal deficit.
Canada Threatens Retaliation For US Softwood Duties
Trudeau said Ottawa would study whether to stop US firms from shipping thermal coal via the Pacific province of British Columbia. The government is also considering imposing duties or other trade action on several or industries, the BBC has learnt.
The anti-tax activist Grover Norquist, a longtime opponent of raising the gas tax, said on Monday that there are other things Congress can do to improve infrastructure.
The conservative group Club for Growth immediately urged Mr. Trump to forget it.
"He has an open mind", Mr. Spicer said. "Taking more money from American drivers to send to Washington is not the answer", spokesman Doug Sachtleben said in a statement.
Higher-income households could receive tax cuts of up to $250,000, middle-class families would get around $2,200 and lowest-income households would receive a measly $128, according to a 2015 33-page analysis of Trump's tax proposal from Tax Policy Center.
Trump's plan also proposes a onetime tax on dollars brought back by USA businesses from overseas, a provision that 56 percent of voters support and 20 percent oppose. Under Trump's plan, top income earners would face a 35% tax rate, well above the 15% on business income. The House Republican plan would replace the 35% tax on corporate profit with a 20% tax on sales, after deducting investments, wages and the cost of inputs. The tax-reform package is "our version" of a job creation bill, Mnuchin said.
Historians said Mr. Trump's comments appeared to show the president profoundly misunderstanding American history. Then again, when you consider that Trump has flip-flopped in the past on major issues from abortion and the Iraq War to gun control and immigration, it seems pretty clear that the man who says "everything is negotiable" when confronted with his inconsistencies never had a lot of hard-and-fast ideological positions. She said at a Milken Institute Global Conference in California on Monday that it could come "fairly shortly".