Tuesday, June 21, 2011

So More Free Money For Rich People It Is

That's the plan...for everything.

That may be about to change. Senate sources tell Fortune that Sen. Chuck Schumer (D-N.Y.), the No. 3 Democrat in the chamber and a one-time opponent of the holiday, is testing his colleagues' interest in marrying the proposal to a new infrastructure program.

The idea is to encourage corporations keeping a collective total of more than $1 trillion parked abroad to bring it home by temporarily lowering the tax rate to about 5% from 35%. The tax receipts from that holiday then would be dedicated to an infrastructure bank that would help fund new building projects.

Yes, an infrastructure bank might be good. What would also be good is if there was a political party that was interested in pointing out that "free money for rich people" was the price for doing anything.