Donald Trump's first major economic speech showed significant changes, including how he'd pay for his hefty infrastructure plan. Both he and Hillary Clinton will likely be relying on the same funding source.
It was only last week that Donald Trump told Fox Business that he'd pay for his $500 billion infrastructure plan through borrowing. Like many positions and declarations coming from the billionaire's campaign, it didn't last long.
Trump unveiled his economic plan Monday at the Detroit Economic Club, adopting GOP tax cuts.
"He also says he wants U.S. companies to repatriate their foreign cash, proposing a one-time tax holiday that would allow them to pay just 10 percent to bring their cash home," reports Patti Domm, CNBC executive news editor. "That money would be used to pay for infrastructure."
The tax should sound familiar. Both House Speaker Paul Ryan (R-Wis.), Sens. Barbara Boxer (D-Cali.) and Rand Paul (R-Ky.), and President Obama looked to the same source to fund their transportation reauthorization packages, though they used different forms of it. Ultimately, neither was used to fund the FAST Act.
"[Both Trump and Clinton] could look to the repatriation tax holiday for the $2 trillion stashed overseas to cover some of the costs of their proposed infrastructure spending, according to Dan Clifton, head of policy research at Strategas.
Like the FAST Act approved last December, it's Congress that ultimately writes and approves spending bills.
Clinton also proposed an infrastructure bank to help fund her plan, dissected here.
There are major differences between the two candidate's infrastructure plans, reported Domm on July 28.
Both candidates want to boost infrastructure spending, with the Republicans more focused on roads and bridges than mass transit. Clinton, on the other hand could be more favorable for railroads.
Differences also compared on The Transport Politic via Planetizen.
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