Oct 25 2017
“With potentially trillions held overseas, we have one shot to spend it wisely when those dollars come home as a result of tax reform.” – Sen. Kennedy
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) spoke on the floor of the U.S. Senate this morning and called for the Trump Administration to make an enormous, one-time investment into America’s neglected infrastructure. Repatriation would encourage companies to bring their dollars back to the U.S., where they would be subject to a new tax rate as a result of long overdue tax reform. Sen. Kennedy is calling for those dollars, as nonrecurring revenue, to be spent on important, nonrecurring infrastructure upgrades.
Click here or the image below to hear the floor speech:
First Step For Moving Our Economy: “As the Senate irons out the details of the comprehensive tax reform plan, I want to draw attention to one of the greatest obstacles in our path as we pursue greater than 3% annual growth: our aging national infrastructure.”
Simple Solution: “I have a simple solution that can help get us back on track. According to the Congressional Research Service, $2.6 trillion in corporate profits are parked overseas, and some outside estimates are up around $4 or $5 trillion. Instead of blowing these repatriated dollars on the already bloated federal bureaucracy, we should invest in desperately needed infrastructure upgrades.”
Investing In America’s Future: “Federal investment in our roads, bridges, railways, and waterways would be a shot in the arm for the American economy that would pay dividends for decades. Companies need good roads, bridges, and shipping channels to transport their products and to ensure they aren’t sitting in traffic for hours, which eats away at profits and raises costs for consumers.”