President Barack Obama will propose raising $238bn by levying a one-off tax on the cash piles held by US companies overseas to repair the US’s crumbling roads and bridges.
The measure, a key plank of the US president’s budget to be outlined on Monday, would impose a 14 per cent “transition” tax on the estimated $2tn in earnings US companies have amassed overseas, the White House said on Sunday.
The proposed tax is less than half the top corporate tax rate in the US, which stands at 35 per cent and which critics claim gives incentives to American companies to hoard earnings abroad instead of investing them at home.
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