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Congress should establish a National Infrastructure Bank (NIB) capitalized with the proceeds from a one-time repatriation tax holiday, says Brookings Institution Senior Fellow and Surdna Foundation grantee Robert Puentes in a new paper.

The primary barrier to an NIB—a targeted mechanism for financing infrastructure projects of national significance— is finding a way to build the loan fund. Untaxed overseas corporate profits, which currently provide little support to overstretched federal budgets, represent an untapped revenue source that could quickly fund an NIB, without a direct appropriation.

While a similar repatriation holiday created through the 2004 American Jobs Creation Act failed to generate significant domestic stimulus, a targeted program focused on infrastructure has the potential to deliver job creating and economy building projects for decades to come.

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