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President Obama's FY16 Budget: Infrastructure Spending and Taxing

Today President Barack Obama released his Fiscal Year 2016 budget for Congressional approval. The budget totals $4 trillion. Debates and amendments are certain.

There are number of tax hikes proposed to fund new spending on education and infrastructure.

One I find of great interest is the tax on multinational companies. This has been a growing policy issue for quite some time now.

The President's proposed budget would impose a 19% minimum tax on global profits. Beginning with a 14% tax on current offshore profits.

The one-time 14% tax on profits earned overseas will pay for $478 billion in transportation improvements and other infrastructure. The ultimate goal of the multinational company tax is to encourage companies to bring more investment back to the US. US companies have an estimated $2 trillion in profits stored overseas where income is not taxed by the US.

Like any tax, someone must bear the burden. In this case it is multinational companies. Georgia-based companies like Coca-Cola, UPS, the Home Depot, and NCR would certainly take a hit. However, our nation's issue of under-invested and failing infrastructure cannot be ignored. Keep a close eye on this tax reform as Congress works toward passing a balanced budget.

Speaking of infrastructure spending, the President's budget also proposed $21 million to deepen the Savannah Harbor.


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