While he might be counting the revenue chickens before they hatch, U.S. Sen. John N. Kennedy is right to suggest the best ways to use the potential — as yet, only potential — billions in one-time revenue that might become available to the federal government next year.
We say “might” with emphasis, as we are a long way from real tax reform in Congress. But in theory, if Republicans and Democrats can get together on a lower corporate tax rate, international companies could “repatriate” dollars held overseas because of today’s higher rates.
We don’t know if that will happen, but if it does, Kennedy said the nonrecurring revenue should be spent on upgrading America’s crumbling infrastructure, including roads and bridges.
“Our roads are axle-breaking insults to the 21st century,” Kennedy quipped. “I want to spend every cent on infrastructure.”
President Donald Trump is a developer by profession, so we hope he will understand that such a big one-time infrastructure package could have long-term benefits for the U.S. economy. It’s a lot better than using one-time money for recurring expenses, or tax cuts that only add to the national debt.
We're a long way from that money, yet. But if it turns out to be a windfall, Kennedy's view ought to get a hearing on Capitol Hill.
While much is in flux in the new administration in Washington, perhaps no more murky subject…