Ryan has signaled he would prefer an alternative plan that would tax overseas corporate revenue to pay for a long-term transportation bill. The proposal, known as “repatriation,” calls for giving business a reprieve from penalties for avoiding prior taxes if they agree to move money back to the U.S. and pay a 6.5 percent tax rate on it.
June 11, 2015
Ryan has scheduled a hearing on “Long-term financing of the Highway Trust Fund” for June 17.
The hearing comes as lawmakers face a July 31 deadline for the expiration of current federal infrastructure funding and are struggling with coming up with a way to pay for an extension.
Ryan said he would “explore the feasibility of various ideas to provide a sustainable long-term solution to the Highway Trust Fund shortfall” during the upcoming hearing.
“The roads and bridges that keep our economy moving rely on a highly unsustainable financing system,” he said in a statement. “Solving this challenge for the long term will require us to think big, and I look forward to exploring new ideas to close the shortfall once and for all.” Read on…