Obama proposes 14 percent tax on U.S. companies' untaxed foreign earnings

President Barack Obama's fiscal 2016 budget would impose a one-time 14 percent tax on some $2 trillion of accumulated U.S. corporate profits earned abroad and set up a 19 percent tax on future foreign earnings, a White House official said on Sunday. Revenues from the one-time tax be used to fund infrastructure projects and fill a projected shortfall in the Highway Trust Fund.

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