Senators Rand Paul (R-KY) and Barbara Boxer (D-CA) introduced S. 981, the Invest in Transportation Act of 2015, which would tax up to $2 trillion in corporate revenue currently stored abroad to pay for domestic infrastructure projects. Specifically, the legislation would offer companies a rate of 6.5-percent for voluntarily repatriating their offshore cash to the United States. According to the Senators, the proposal is a “fiscally responsible approach to providing the necessary resources to correct the shortfalls in the Highway Trust Fund, while strengthening the U.S. economy and keeping jobs here at home.”
Note: The Highway Trust Fund’s authorization will expire this summer. While Congress continues to engage in casual conversations, its failure to take a hard look at real solutions will necessitate yet another short-term patch to extend funding for the Highway Trust Fund just to get the country through the summer.