President Obama will on Monday give Congress his $4 trillion spending plan for fiscal 2016 that includes a request for billions of dollars in much-needed public works projects -- an idea that has bipartisan support but little backing for the proposed tax increases to fund such efforts.
Obama will propose a six-year, $478 billion public-works program for highway, bridge and transit upgrades, with half of it to be financed with a one-time, 14 percent tax on U.S. companies’ overseas profits.
The tax would be due immediately. Under current law, those profits are subject only to federal taxes if they are returned, or repatriated, to the U.S., where they face a top rate of 35 percent. Many companies avoid U.S. taxes on those earnings by simply leaving them overseas.
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When some states CONTINUALLY spend their highway trust funds on anything but highways (can you say O'Malley/Maryland?), just what do you think will happen if the Feds give them MORE money for highways?
ReplyDeleteClueless........again.
ReplyDeleteONE-TIME tax,my a$$..... There is no such animal.
ReplyDelete