Are Offshore Taxes the Only Way to Pass the Highway Bill?

Supporters of a plan to tax overseas profits to pay for U.S. transportation projects said Wednesday the proposal is the "only possible path forward" for passing a highway bill in the House this month. 

The sponsors of legislation in the House containing the offshore taxes-for-roads proposal said the plan, known as repatriation, is the most viable option for paying for a long-term transportation bill. Lawmakers face an  Oct. 29 deadline for renewing federal infrastructure spending. 

"Our bipartisan bill, the Infrastructure 2.0 Act would use international tax reform to add $120 billion to the Highway Trust Fund and establish a new $50 billion infrastructure finance vehicle for use by states and local municipalities," Reps. Richard Hanna (R-N.Y.) and John Delaney (D-Md.) said in a letter to House Majority Kevin McCarthy (R-Calif). 

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