Rand Paul bill would pay for highways, bridges with repatriated taxes

Sen. Rand PaulRandal (Rand) Howard PaulDem wins Kentucky state House seat in district Trump won by 49 points GOP's tax reform bait-and-switch will widen inequality Pentagon budget euphoria could be short-lived MORE (R-Ky.) introduced a bill Thursday that would create a fund for emergency transportation projects.

"While we are faced with a fiscal crisis, our nation also has critical infrastructure needs that demand immediate attention,” Paul said.

The Emergency Transportation Safety Fund Act would provide funding for new construction and repairs of crumbling bridges and roads. 

Paul said the projects would be funded by repatriating overseas capital back to the United States at a rate of 5 percent. He said by reducing the existing repatriation rate, which can be as high as 35 percent, U.S. companies would have a greater incentive to bring funds back to the United States.

“The Emergency Transportation Safety Fund Act is a fiscally responsible approach by providing the necessary resources to rebuild and enhance America’s infrastructure,” Paul said. 

Paul stressed that his bill, S. 911, would not increase the national debt, which is nearly $17 trillion.

“My plan will not only save our infrastructure from collapsing, but also encourage reinvestment here at home without increasing the debt,” Paul said.