A Stimulus a year since Obama took office. On deck the summer of recovery.
President Obama is expected to reveal a plan to tax offshore profits to fix the U.S.’s infrastructure.
Obama will propose a mandatory 15 percent tax on corporate profits kept abroad in order to fix roads, bridges and other infrastructure around the nation, according to a White House document obtained by Politico.
The proposal will impose taxes on the $2 trillion in profits kept outside the U.S. to “make critical new investments in our roads, bridges, transit systems and freight networks as part of a $478 billion, six-year surface transportation reauthorization,” according the plan’s summary.
Hiking taxes on capital gains as well as ending a loophole that benefits wealthy when their heirs inherit there assets will also be proposed.[…]
This year’s proposal will also include a $176 billion increase in spending on federal highway and transit programs.