House Ways and Means Chairman Announces Tax Reform Proposal

Rep. David Camp (R-MI) this week released a draft proposal for comprehensive tax reform.  Included in the proposal is an initiative to direct $126.5 billion in revenue to the Highway Trust Fund over the next ten years. The revenue for the HTF would come from a provision requiring US companies that operate overseas to “repatriate” profits from these off shore operations at a reduced tax rate. The tax proceeds on the repatriated funds would provide some of the revenue needed to keep the HTF solvent but would not likely be sufficient to fund a six year reauthorization bill at current levels. It is unclear if or when the Ways and Means Committee would take up the tax reform proposal, including the High Trust Fund fix idea.