A temporary tax holiday for U.S. companies to repatriate offshore profits would cost the government $95.8 billion in revenue over a decade, said the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper.
Lawmakers occasionally talk about a repatriation tax break as a way to pay for spending such as replenishing the Highway Trust Fund. The estimate shows the difficulty of making such an argument.
Senator Rand Paul, a Kentucky Republican, had -- in consultation with Majority Leader Harry Reid, a Nevada Democrat -- floated the idea of using his repatriation proposal, S. 911, to replenish the highway trust fund, according to a Senate Democratic aide who spoke on condition of anonymity. The trust fund may need a cash infusion as soon as July to reimburse states for road construction.