LA Times: Bipartisan support grows for corporate tax change tied to Highway Trust Fund

Hopes for a broad overhaul of the corporate tax system are fading as the 2016 elections draw closer, but momentum is building for one key change — the U.S. tax that companies would pay on overseas profits.

A bipartisan proposal, to be introduced soon in Congress, would tax the estimated $2 trillion in foreign profits held by U.S. corporations in overseas accounts, but at a much lower rate than the current 35% levy.

The tax would generate tens of billions of dollars for the federal Highway Trust Fund, which will run out of money at the end of the month. Lawmakers have been in a desperate scramble to replenish the fund, which helps pay for new roads, bridges and other transportation infrastructure.

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