U.S. Senators Barbara Boxer (D-Calif.) and Rand Paul (R-Ky.) announced that they will be introducing the “Invest in Transportation Act of 2015,” which would extend the Highway Trust Fund, boost economic growth and create jobs.
The legislation would allow companies to voluntarily return their foreign earnings to the U.S. at a tax rate of 6.5 percent and would ensure that a portion of the repatriated funds would be used for increased hiring, wages and pensions.
In addition, through the bill, all tax revenues from the repatriation program would be transferred into the Highway Trust Fund.
The senators released a white paper detailing their proposal, which will be introduced in the coming weeks.
“This bipartisan repatriation proposal is a win-win for our economy and our country,” says Boxer. “First, it will bring back hundreds of billions of dollars in foreign earnings that are sitting offshore, which can be invested here in America to create jobs. Second, the taxes paid on those earnings will be used to extend the Highway Trust Fund, which supports millions of jobs nationwide.”
