For the remainder of 2011 and all of 2012, all US Multinational Corps would be allowed to repatriate their foreign earnings up to a total maximum of $20 billion for each company.
This foreign earnings repatriation would have a somewhat discounted US federal income tax rate on it. The largest US Multinational Corps repatriating some of their foreign earnings would have a much lower discount from the 35% US federal Income tax rate than would the other US Multinational Corps. Or another way to fairly do it is to apply a progressive effective federal income tax rate on the amount of foreign earnings repatriated, such as the following:
…..15% on the first $1 bil of foreign earnings repatriated
…..17% on the next $2 bil of foreign earnings repatriated
…..19% on the next $3 bil of foreign earnings repatriated
…..21% on the next $4 bil of foreign earnings repatriated
…..23% on the next $5 bil of foreign earnings repatriated
…..25% on the next $5 bil of foreign earnings repatriated
The entire amount of the US federal income tax from these foreign earnings repatriated would be transferred to a US Infrastructure Bank. All of these funds would be used only for wisely, objectively, and quickly selected US Infrastructure Projects, initiated right away on a whole-scale basis…..roads, bridge fix ups, school fix ups, public college fix ups, airport fix ups, rail fix ups, sewer fix ups, shore fix ups, federal/state/local government building fix ups, etc.
Also, if it is fair and also can be wisely implemented, there should be subsequent user fees charged for some of these US infrastructure investments.
There would be no CBO scored cost to the US Government from this initiative. In fact, the subsequent user fees charged should result in a significantly positive CBO scoring to the US Government.