Senators Want Overseas Corporate Earnings to Fund Transportation

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Sens. Rand Paul (R-Ky.) and Barbara Boxer (D-Calif.) are teaming up to file a transportation funding bill they say could bring back up to $2 trillion in corporate tax revenue currently in foreign banks to help pay for U.S. infrastructure projects.

The unlikely duo said the measure would extend federal transportation programs that are currently scheduled to expire in May.

Paul and Boxer said the tax reforms, known as repatriation, are the most viable way to pay for a long-term transportation funding bill this year.

"The interstate highway system is of vital importance to our economy," Paul, who is a likely 2016 GOP presidential candidate, said in a statement.

"All across the country, bridges and roads are deficient and in need of replacement," he continued. "We can help fund new construction and repair by lowering the repatriation rate and bringing money held by U.S. companies back home.

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