Repatriation Tax Break From Paul, Boxer Cost $118 Billion
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A tax break for U.S. companies to repatriate offshore profits would cost the government $118 billion in revenue over a decade, a setback to efforts to use the incentive to generate money for highway spending.
The estimate from the Joint Committee on Taxation, the nonpartisan scorekeeper for Congress, will harm momentum for the proposal by Senators Barbara Boxer, a Democrat, and Rand Paul, a Republican. It’s consistent with past estimates that cast doubt on the idea that a repatriation holiday can generate money.