Obama administration’s transportation bill would end some tax breaks for businesses
Source: Reuters
By Reuters
Tuesday, April 29, 2014 12:29 EDT
WASHINGTON (Reuters) – The Obama administration on Tuesday sent a four-year transportation reauthorization bill to Congress that aims to plug a pending shortage in funding for repair and construction of America’s bridges, roads and transit systems.
U.S. Transportation Secretary Anthony Foxx said funding would come by ending certain tax breaks for businesses.
That suggests it will have trouble gaining traction on Capitol Hill, especially among tax-averse Republicans in the House of Representatives.
The U.S. Highway Trust fund traditionally has been bankrolled by taxes on gasoline and diesel, but with fuel use stagnant the fund is not bringing in enough revenue to cover the nation’s infrastructure needs. It is projected to run out of money as soon as August.
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Read more: http://www.rawstory.com/rs/2014/04/29/obama-administrations-transportation-bill-would-end-some-tax-breaks-for-businesses/
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