Letter to President Barack Obama - State of the Union, Taxes, and Infrastructure

Letter

Dear President Obama:

As you prepare for next week's State of the Union Address, we urge you to highlight the importance of rebuilding America's infrastructure and fixing the broken international tax code in your remarks. The country wants us to work together constructively and there is consensus in both parties that our roads, bridges, dams, and overall infrastructure need an upgrade and that tax reform is the way to get it done.

We believe that international tax reform can provide a needed funding source for our nation's infrastructure needs. Specifically, we can use overseas earnings through a deemed repatriation to provide a revenue source for both the highway trust fund and for and an independent infrastructure bank. This should be part of a broader, forward looking international tax reform plan that increases our competitiveness and creates jobs.

By working together on a bipartisan infrastructure solution, we can boost our economy, create jobs, and position American businesses, small and large, to succeed in the global market. In their most recent report, the American Society of Civil Engineers (ASCE) gave our nation's infrastructure a D+ grade. America's inadequate infrastructure has created a drag on economic growth, is a significant public safety risk and has impacted the quality of life of millions. Our flawed tax code has created a similar and interrelated economic drag, driving down growth and slowing domestic investment.

Over the last two years, we have worked in both chambers of Congress, with Democrats and Republicans, to build support for an innovative approach that combines international corporate tax reform and new infrastructure investment. In the House and Senate, 45 Democrats and 46 Republicans have joined together to sponsor the Partnership to Build America Act. We are working to expand this idea to ensure a reliable funding source for both an infrastructure bank and the highway trust fund as part of a broader international tax reform effort. This approach is pro-growth, fiscally-responsible, and will create a huge number of good-paying jobs.

The State of the Union is a singular platform to set the agenda and the tone for the next year in Washington. We sincerely hope that you consider using it as an opportunity to shine a spotlight on a truly bipartisan approach to two of the most vexing problems facing America's economy.

Respectfully,

Congressman John K. Delaney

Congressman Mike Fitzpatrick

Senator Roy Blunt

Senator Michael Bennet