Obama's Got a Great Idea: He's Just Gonna Slap a One-Time Tax of 14% of the Two Trillion Dollars Owned by American Companies But Held in Foreign Countries

So this would sort of just be like a massive government-run heist, huh?

President Barack Obama's fiscal 2016 budget would impose a one-time 14 percent tax on some $2 trillion of untaxed foreign earnings accumulated by U.S. companies abroad and use that to fund infrastructure projects, a White House official said.

The money also would be used to fill a projected shortfall in the Highway Trust Fund.

"This transition tax would mean that companies have to pay U.S. tax right now on the $2 trillion they already have overseas, rather than being able to delay paying any U.S. tax indefinitely," the official said.

Um, this money was not earned in the US and has never entered the US. Obama has no particular justification for stealing the money apart from the fact that he wants it.

posted by Ace at 12:11 PM

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