Obama Ties Foreign Profits Tax to Public Works
JIM KUHNHENN, Associated Press
ANDREW TAYLOR, Associated Press
WASHINGTON (AP) — President Barack Obama is proposing an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades.
White House officials say half would be paid by a one-time mandatory tax on profits that U.S. companies have amassed in other countries.
Under Obama's proposal, U.S. companies would pay a 14 percent tax on up to $2 trillion in estimated earnings they have accumulated overseas. The proposal is part of a broader tax overhaul to lower corporate tax rates.
The proposal will be included in Obama's budget that's set for release Monday. It builds on an idea that the administration has pushed since 2013, and is intended to jump-start discussions with Congress on how to modernize infrastructure that is badly in need of repair.
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