corporate taxes http://wkyufm.org en Sen. Rand Paul Seeks to Cut Corporate Tax to Fund Transportation http://wkyufm.org/post/sen-rand-paul-seeks-cut-corporate-tax-fund-transportation <p></p><p>Through a single piece of legislation, Sen. Rand Paul is hoping to cut a corporate tax and get more revenue for transportation projects.</p><p>Here's how: When American companies make money overseas and put it in foreign banks, they have to pay a tax to bring the money back to the U.S.&nbsp; Paul is sponsoring legislation that lowers the tax companies pay to transfer foreign profits to America from 35 percent to 5 percent. Many of those companies keep that money overseas instead of paying the 35-percent tax.</p><p>The new tax revenue generated under Paul's proposal would be put into a transportation fund, which could benefit projects including the Ohio River Bridges and the Brent Spence Bridge in Northern Kentucky.</p><p>A&nbsp; lot of money is sitting overseas, and a lower tax rate would entice companies to bring it home, Paul spokesman Dan Bayens said. Thu, 16 May 2013 17:33:15 +0000 31023 at http://wkyufm.org Sen. Rand Paul Seeks to Cut Corporate Tax to Fund Transportation