“This would mean no new taxes, but more revenue, and it is a solution that should win support from both political parties”—Sen. Rand Paul
“This bipartisan repatriation proposal is a win-win for our economy and our country.” – Sen. Barbara Boxer
On January 29, U.S. Senators Rand Paul (R- KY) and Barbara Boxer (D-CA) announced that they will introduce a bill to extend the Highway Trust Fund: the Invest in Transportation Act of 2015.
According to a statement released by the Senators, the legislation “would strengthen the U.S. economy and create jobs by allowing companies to voluntarily return their foreign earnings to the United States.” They have also released a white paper explaining the details of the proposed legislation.
In the statement, Senator Paul said “this would mean no new taxes, but more revenue, and it is a solution that should win support from both political parties.” Senator Boxer agreed, saying “this bipartisan repatriation proposal is a win-win for our economy and our country.”
President Obama announced a similar idea today as a part of his budget proposal, calling for a one-time tax of untaxed earnings that U.S. companies have accumulated overseas. The announcement from Senators Paul and Boxer came just one day after Governor Kasich (R-OH and Governor Beshear (D-KY) held a press conference pushing for tolls on the Brent Spence Bridge.
“There are details yet to be worked out, but the similarities between what the President has suggested and the bipartisan proposal out of the Senate gives us good reason to be optimistic,” said Marisa McNee of Northern Kentucky United. “There is simply no reason to continue a rush to toll the Brent Spence Bridge when the White House and Congress appear to be moving towards an agreement on the Highway Trust Fund,” concluded McNee.