The idea of allowing American companies to bring back cash they’ve parked overseas at a lower tax rate - called repatriation - is gaining some steam among lawmakers. There’s chatter of moving parts of Ways and Means Chairman Dave Camp’s tax bill to pay for the pricey highway extension. The Transportation and Infrastructure Committee is charged with writing the policy, and the Ways and Means Committee is supposed to find out how to pay for it. The situation is incredibly complicated in the House. Meanwhile, House Republicans have no idea what they will do. The White House released its four-year, $302 billion legislative proposal this week, but it stands no chance in the Republican House. Barbara Boxer (D-Calif.), chair of the Environment and Public Works Committee, said Wednesday she would release a bill “early next week” that will include a small inflationary budget increase. Of course, the Senate and White House have their own ideas. ( DRIVING THE DAY: Midterms enthusiasm gap favors GOP) And that’s just to keep current spending levels, which nearly all politicians agree are not nearly high enough. A yearlong patch would need upward of $10 billion, and returning to the tradition of six-year bills would cost $95 billion.
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