releases: http://delaney.house.gov/news/press-releases/delaney-conference-highway-bill-woefully-deficient-missed-opportunity-for
Data license: MIT · Data source: dwillis/congress-press
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| http://delaney.house.gov/news/press-releases/delaney-conference-highway-bill-woefully-deficient-missed-opportunity-for | Delaney: Conference Highway Bill Woefully Deficient, Missed Opportunity for Economic Growth | 2015-12-03 | 2015 | 2015-12 | Democrat | House | MD | John Delaney | D000620 | delaney.house.gov | legacy | WASHINGTON The House considered today a new conference Highway Bill, the FAST Act, legislation that broadly maintains current federal investment in infrastructure for the next five years. The legislation, which passed the House, patches the funding gap in the Highway Trust Fund with a variety of one-time offsets, including contracting out IRS services, selling off a portion of the Strategic Petroleum Reserve, using revenues from the Federal Reserve and increasing customs fees. Over the last three years Congressman John K. Delaney (MD-6) has led the effort to rebuild Americas infrastructure and create millions of new jobs by using revenues from international tax reform. Dozens of members from both parties have endorsed this approach. Delaneys Infrastructure 2.0 Act (H.R. 625) adds $120 billion to the Highway Trust Fund as opposed to the $70 billion added by the FAST Act and creates a new $50 billion dollar infrastructure fund to finance state and local projects nationwide. A five-year highway bill is better than more short-term patches and budgetary chaos, but we should not fool ourselves into thinking that Congress has achieved a great victory with this legislation. While it is good that we will have infrastructure funding certainty for the next five years, the funding levels are woefully deficient. Instead of using revenue from international tax reform, which would be massively pro-growth, eliminate the incentive for U.S. companies to invert or continue to keep their profits overseas, and provide funding for higher levels of infrastructure investment, were using a hodgepodge of budget gimmicks, said Congressman Delaney. This bill abandons the huge opportunity we have before us to create jobs and build a world-class level of infrastructure that our domestic businesses need and that will attract new investment into our economy. We cant wait another five years to solve this problem and I will continue to work with my colleagues to build support for a pro-growth solution that creates jobs. The time to invest in our infrastructure and fix our broken international tax code is now. If we wait, our global competitors are the ones that will benefit from our inaction. The Infrastructure 2.0 Act Investing in 21st Century Infrastructure with Deemed Repatriation at 8.75% Tax Rate Under the Infrastructure 2.0 Act, existing overseas profits accumulated by U.S. multi-national corporations would be subject to a mandatory, one-time 8.75% tax, replacing deferral option and current rate of 35%. $120 billion to the Highway Trust Fund, enough to meet funding gap at increased levels for six years. $50 billion to capitalize the American Infrastructure Fund (AIF) a new financing mechanism for transportation, water, energy, communications and education projects. Leveraged to $750 billion, AIF financing (loans, bond guarantees and equity) is available to state and local governments. American Infrastructure Fund was first proposed in Rep. Delaneys bipartisan Partnership to Build America Act. $25 million pilot program to create regional infrastructure accelerators, similar to the West Coast Infrastructure Exchange This frees the estimated $2 trillion in overseas earnings to return to the United States, spurring private sector re-investment and growth. Creating Long-term Highway Trust Fund Solvency and Policy Certainty The Infrastructure 2.0 Act provides six years of HTF solvency, providing immediate certainty to the private sector and policymakers. The legislation also establishes a bipartisan and bicameral commission that is tasked with developing a solution for permanent solvency of the Highway Trust Fund. Building a Path for Broader Tax Reform The Infrastructure 2.0 Act creates an eighteen month deadline for international tax reform. To encourage action, the legislation includes a forcing function: if reform is not enacted, a fallback international tax package to make U.S. business climate more competitive would be implemented. This pro-growth fallback reform package would end deferral, reduce anti-competitive over taxation, decrease taxes for companies paying fair rates abroad but increase taxes for companies in tax havens. This would eliminate the lock-out effect and allow for the free flow of profits back to the United States. Under this option, for Active Market Foreign Income, a company would pay a 12.25% tax to the U.S. on overseas profits if they are currently paying no tax and a 2% tax to the U.S. if they are already paying the OECD average of 25% abroad, with a sliding scale in-between. ## | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |