Obama proposes six-year, $478 billion infrastructure budget
President Barack Obama proposed a 14 percent tax on overseas profits that would raise $238 billion over six years and create a $478 billion infrastructure budget, the National Stone, Sand & Gravel Association reports.
“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,” a White House official said. The official also said the tax would encourage firms to create more jobs in the U.S.
According to the White House, the $238 billion would be used to fund a broader $478 billion public works program of road, bridge and public transport upgrades. The remaining $240 billion would come from the federal Highway Trust Fund, which is financed by gas taxes, NSSGA reports.
“The aggregates industry welcomes the president’s proposal because it focuses much needed revenue to rebuild our nation’s crumbling infrastructure,” says Michael Johnson, president and CEO of NSSGA.”While this approach avoids some of the political difficulties that many other measures face, it will be an uphill struggle to get it through Congress.”
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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