Rand Paul says modeling tax structure after Canada's could mean new bridges in Ky.
08/23/2012 10:53 AM
Sen. Rand Paul spoke with Gov. Beshear Thursday and said they discussed ideas to help fund the bridge project in Louisville and a new span between Northern Kentucky and Cincinnati. And he said the federal government should look to neighboring Canada for ways to pay for those projects.
Rather than talking about agriculture, Paul used his speaking time at the Kentucky Farm Bureau’s Ham Breakfast to speak about voting in Washington D.C., ways to improve infrastructure, what he likes about Canada’s tax structure and how he can work with Kentucky’s Democratic governor, Steve Beshear.
“When you hear that we will not work together and that we hate each other. I may not agree with everything he’s doing and I’m sure I’ll say something against what he’s doing, but the thing is is we do work together. We talked this morning about working together on bridges,” Paul said.
Paul might not agree with Canadians on health care policy, but he said the neighbors to the north set their tax structure up right.
“Right now we have billions of dollars, maybe trillions of dollars in capital overseas we tax it at 35 percent so it just stays over there. Our corporate income tax is higher than any other country in the world now. We’re double what Canada is. I’m sort of embarrassed to say Canada has a better tax policy than we do,” Paul told the crowd.
Paul suggested that the United States encourage overseas capital to come back into the country by taxing it at 5 percent. He thinks that would amount to about $30 billion dollars a year which could be used to pay down the deficit and turn half the money to road projects.
“Why can’t we build new bridges in Louisville? Why can’t we build new bridges in Northern Kentucky? Because our road fund we get every year from the road tax is $400 million the bridge project in Louisville is $2 billion. How are you getting to $2 billion out of an annual budget of $400 million,” Paul said.
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