Politics and Government
Obama budget to fund roads with corporate tax on foreign profits

President Obama will propose a $478-billion public works program to repair and upgrade the nation’s roads, bridges and highway systems in his $4-trillion budget due out Monday, a senior administration official said. The infrastructure program will be partially financed by a new, one-time corporate tax on profits earned overseas -- an estimated $2 trillion that now largely escape taxation, the official said. The 14% tax on foreign profits would be much lower than the standard 35% corporate tax rate -- among the highest of the world’s major economies -- and would apply regardless of whether the companies return, or repatriate, the profits earned overseas to the U.S. The White...