Corporations, taxes and infrastructure. Oh, my!
CORPORATIONS, TAXES AND INFRASTRUCTURE — OH MY! An economic adviser to President-elect Donald Trump on Tuesday pitched to lawmakers the idea of using a one-time 10 percent tax on corporate revenues repatriated from overseas to offset costs associated with an infrastructure spending plan. “We think that there’s as much as $2 trillion overseas,” Stephen Moore said at a meeting arranged by House Majority Whip Steve Scalise. Moore said the arrangement could possibly raise between $100 billion and $150 billion
Roads, bridges and airports: As far as what spending would be aimed at, Moore said: “I know roads and bridges would be a part of it. Trump has also talked about airports.” He added that coupling tax reform with infrastructure spending would be “a potential way to get Democrats to buy into the jobs program.”
A blending of ideas: Rep. French Hill (R-Ark.) described the proposal as a merging of the ideas of House Speaker Paul Ryan, House Ways and Means Chairman Kevin Brady and economic wonks who have advised Trump during the course of the campaign, including Moore, Larry Kudlow and Art Laffer. But Moore did hedge, saying, “This is just something that’s been considered.”