Obama Proposes 14 Percent Tax on U.S. Companies’ Untaxed Foreign Earnings - Business Insider
WASHINGTON (Reuters) - President Barack Obama’s fiscal 2016 budget would impose a one-time 14 percent tax on some $2 trillion of untaxed foreign earnings accumulated by U.S. companies abroad and use that to fund infrastructure projects, a White House official said.
The money also would be used to fill a projected shortfall in the Highway Trust Fund.
“This transition tax would mean that companies have to pay U.S. tax right now on the $2 trillion they already have overseas, rather than being able to delay paying any U.S. tax indefinitely,” the official said.
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