NUMBER OF THE WEEK: $96 Billion
The amount of lost revenue over 10 years, as projected
by the Joint Committee on Taxation, if Congress passed another
repatriation tax holiday, allowing U.S. multinationals to bring
foreign earnings back to the U.S. at a significantly reduced tax
rate. The repatriation "tax holiday" has been floated by
Senate Majority Leader Harry Reid (D-NV) and others as a possible
way to replenish the drained Highway Trust Fund. Members of the
Senate Finance Committee are offering up their proposed
alternatives this week for funding the HTF through the end of the
year and beyond.
LEGISLATIVE LANDSCAPE
Senate: Tax Reform Hearings to Heat Up This
Summer. In a joint statement released on June 5, Senate
Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member
Orrin Hatch (R-UT) announced a series of committee hearings this
summer "to examine several issue areas that are essential to a
modern, effective tax code." Education tax incentives
