States Might Dip into $2 Trillions of Offshore Corporate Cash
Puerto Rico, a poor, bankrupt US Territory, with a severe economic crisis, was classified by the IRS to be one of the "FOREIGN" US Offshore tax shelters holding 2$Trillion US Dollars with Unpaid US Tax Money. PR's unemployment is in the double digits; Per capita around $10,000; and 179,000 residents have left PR for other states in 51 months. That is immoral and outrageous!
Feb 9, 2014 - by Miriam J. Ramirez
An ‘out-of-the-box idea’ to fund transportation projects gains traction By Ashley Halsey III - February 7
Ashley Halsey III
Rep. John Delaney (D- MD)came up with an idea to yank America out of transportation quicksand. The concept of using almost $2 trillion in offshore corporate cash to bail out the beleaguered federal trust fund for roads, bridges and transit seems to have lots of parents on Capitol Hill these days.
They want to use that tax money to shore up the Highway Trust Fund, which relies on the federal gas tax to pay the federal share of transportation funding. Delaney’s bill is the antithesis of simple, but nowhere so massive as revision of the tax code, and he says he thinks the repatriated tax money might arrive in time to meet the May deadline.
U.S.-based companies have deferred payment of taxes on their $2 trillion in cash overseas. His proposal would create a one-time tax rate of 8.75 percent on cash coming home — enough, he says, to provide an additional $120 billion for a six-year surface transportation bill.