In new budget, Obama proposing 14 percent tax on overseas profits to fund infrastructure projects

by
February 1, 2015

Obama_executive
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.

  • Peter Locke

    Is that 14% in addition to the current 35%? I guess Obama and his predecessors aren’t familiar with concept of ‘voting with your feet’.

  • lea82835

    American Corporations moved their operations overseas to escape the high corporate taxes, also because of the low wages, specifically in China. Wages are starting to go up in China. If Obama and Congress changed the Corporation rate to 20%, they would have more incentive to return to the USA. Also this would create thousands of jobs for American workers on unemployment and those who have just stopped looking. Also put a stop to all the deductions that Corporations use, in other words, change the tax laws.

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