WCBC

March 30th, 2015 by WCBC Radio

Today, the Department of Transportation (DOT) announced their Grow America Act, which increases federal support for infrastructure. The DOT proposes a six-year transportation bill funded by pro-growth international tax reform, the same solution first developed by Congressman John K. Delaney (MD-6). Absent Congressional action, the Highway Trust Fund will run out of money on May 31. 

Delaney’s Infrastructure 2.0 Act, filed in January, funds the Highway Trust Fund for six years and creates a new American Infrastructure Fund with revenues from an 8.75% tax on existing overseas profits. The DOT plan uses a 14% rate. 

“America’s aging infrastructure is a big problem that needs a big solution. We were pleased that the President adopted our infrastructure-repatriation framework in his budget and we are even more pleased today to see it animated in the DOT’s Grow America plan,” said Congressman Delaney. “With time running out on the Highway Trust Fund, pro-growth international tax reform is the funding solution we need. Rebuilding America’s infrastructure should be our top economic priority. New infrastructure projects will create good-paying middle-class jobs, make our businesses more competitive and improve public safety. Republicans and Democrats, Congress and the White House, should work together to get this done.”

A 2014 study by Standard and Poor’s found that every $1.3 billion invested in infrastructure creates 13,000 jobs and $2 billion in economic growth.  The Infrastructure 2.0 Act is modelled upon Delaney’s Partnership to Build America Act, which emerged as one of the most bipartisan pieces of legislation in Washington, ending 2014 with over 40 Republican and 40 Democratic cosponsors.