Business Taxes Eyed to Refill Highway Fund
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P2JW168000-4-A00400-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE C M Y K Composite BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO A4 | We dnesday, June 17, 2015 P W L C 10 11 12 H S G K B F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Business Taxes Eyed to Refill Highway Fund Congress faces tough revenue forhighwaysand other (R., Wash.), chairman of the fuel negativeviews of Congress. infrastructure. Ways and Means Select Revenue House Democrats, in rejecting slog to tap corporate “I believethereisaway to do Measures subcommittee, said his fast-track trade legislation, have levies in the few weeks that”—reshape the U.S. taxsys- panel will examine “whether we cited lawmakers’ inability to ex- temwithout endangering a could financeamultiyear high- tend highway programs formore before money runs low broader business-tax overhaul way bill as we makeour interna- than ashort period. “Why arewe later,Mr. Ryan said at the The tional taxsystemmorecompeti- fast-tracking trade and slow BY JOHN D. MCKINNON Wall Street Journal’sCFO Net- tive.” walking the highway bill?” House work ConferenceinWashington. Some senatorsinboth parties Minority Leader Nancy Pelosi WASHINGTON—Facing an- Thechanges being discussed also areexploring the idea of us- (D., Calif.) asked during the other deadline forshoring up the likely would put the U.S. system ing one-time revenue from cor- House debateFriday. beleaguered federal highway of taxing corporateoverseas in- S porate tax changes to finance An alternativetoacorporate trust fund this summer,key law- come moreinline with that of NEW multiyear spending on highways taxoverhaul would be to passa makersare seeking along-term othercountries,something U.S. G and other infrastructure. highway fund extension of two solution that includes broad multinational corporations gen- “Nothing is agreed to until ev- yearsorsoinJuly,using acom- changes to corporatetaxes. erally would like. Theone-time OOMBER erything is agreed to,but we’re bination of smaller-boretax Thenegotiations promise to revenue likely would come from /BL making really good progress” on changes,spending cutsand at- be difficult given the challenges taxing profitsthat American KER such a deal, said Sen. Charles temptstoreducewasteand AC of moving major taxlegislation companies have parked offshore Schumer (D., N.Y.), who co-heads fraud. Some of the taxchanges through Congress. Lawmakers to avoid U.S. tax—an idea that NIEL a Finance Committee working being discussed would givethe DA mayopt forabackup plan to many companies don’t like. Workers lay asphalt on a highway in Streator, Ill., earlier this month. group on international tax government moreability to col- fund the highway program Mr.Ryan’scounterpart, Sen- changes.Aperson close to the lect unpaid taxes. through 2016 and the highly ateFinanceCommitteeChairman the road and want to see areal, with Republicans to find a re- talks said a deal could lead to “It is clear that there is an- chargedelection season. Orrin Hatch (R., Utah), also is in- long-term fix,” Mr.Hatch said in sponsible path forward,” Mr. “significant revenue” forroads. other windowherefor trying to Still, lawmakers are having terested in along-term fixtothe astatement. But he also ex- Hatch said. Some lawmakersare appre- put together amajor taxreform “activeconversations” with highway-funding mess, and has pressed opennesstoconcluding Democratsalso injected poli- hensiveabout extending the bill,” said Sen. Ron Wyden (D., TreasuryDepartment officials said he is willing to consider cor- along-term deal relatively soon, tics intothe issue.Inaletter highway program again forafew Ore.), the FinanceCommittee’s aboutmajor taxchanges,House poratetax changes to do it. beforethe current funding ex- TuesdaytoSenateMajority months,then negotiating over top Democrat, in an interview Ways and Means Committee Thefederal highway program pires.That could preclude major Leader Mitch McConnell (R., Ky.), corporatetaxes.While congres- last week.Headded, “Ifthe Con- Chairman Paul Ryan (R., Wis.) has been operating on aseries of corporate tax changes, which leading Senate Democrats ac- sional Republicans hope to build gressistalking about competi- said Tuesday. Thefocus,hesaid, brief extensions.The current probably would requirenegotia- cused Republicans of “troubling arecordofaccomplishment this tiverates andreasonable transi- is on acombination of business- one,which expires July 31, was tions lasting intothe fall. inactivity” on highway funding. year in solving practical prob- tion rules and the numbersadd taxchanges that could alter the forjust two months. “What is attainable by the Both committees aresched- lems such as infrastructure, up,Ithink there’sasense that much-criticized U.S. tax code, “Membersfromboth parties July 31st deadline will depend on uled to hold hearingsonhighway some worry that dragging out this would be attractive. But whilealso generating one-time aretired of kicking the candowN Democrats’ willingnesstowork funding this week.DaveReichert talks over a tax rewrite could that’salot of ifs.” Sanders’s Long-Shot Campaign Is Picking Up Speed BY PETER NICHOLAS washaving ahardtime figuring AND REBECCA BALLHAUS out howhecould help.“Iwould love to work for the campaign,” DESMOINES, Iowa—It’sthe said Levi Grenko, a 24-year-old sort of problem manycandidates social-media manager who lives would envy.Sen. Bernie Sanders in Centerville,Iowa.“But Idon’t is drawing large,ebullient know how.” crowdsthat aretaxing an up- Team Sanders is trying to fix start presidential campaign that that. At events,aSandersaide wasn’t expected to go very far. has been urging people to text a The Vermont independent, a certain number—a way forthe favoriteofthe Democratic campaign to provide information Party’s liberal wing,isbeing about eventsand capturedetails fetedbystanding room-only au- about Sanders supporters. diences that in some cases sur- Jeff Weaver,the campaign pass those of front-runner Hil- manager, conceded growing lary Clinton. pains.“We started this campaign Morethan 3,000 came to a amonth ago,” he said. “This was Sandersspeech in Minneapolis not a situation where you had a in May; 700attended his speech campaign-in-waiting that was at Drake University here Friday hiding inside asuper PACora night, aboutthe same number nonprofit or a think tank.” whowent to aHillaryClinton Money has been coming in at eventonSundaythat featureda ahealthyclip,enabling the cam- buffet table and aliveband. paign to hiremorestaff.The More than 3,000 people have campaign says itsgoal is to raise RSVP’dfor aSandersrally in up to $50 million, about half Denver on Saturday, the cam- what Mrs. Clinton wantstoraise paign says. for the Democratic primary. By ASuffolk University poll re- the end of the month, the Sand- leased TuesdayshowedMrs. ers campaign said it expects to Clinton with a surprisingly nar- have about $10 million on hand. rowlead over Mr.Sanders—41% /REUTERS Some Democratic strategists UNG to 31%—in the early-voting state YO predict the Sanders momentum of NewHampshire. In May, a will stall at some point. Though JIM Bloomberg/St.Anselm College Democratic candidate Bernie Sanders, an Independent senator from Vermont, speaks Sunday at a campaign event in Indianola, Iowa. manyonthe leftare excited poll had found Mrs. Clinton with abouthis attacks on wealthy a 44-point lead in the state. lady receives Secret Servicepro- with an arrow pointing to the spoken truth to power,” he said. legeinPella, Iowa,said Mr. corporations and billionaires, TheBernie boomlet is forcing tection, traveled through Iowa right building. “He has the backs of veterans Sandersishis toppick forthe the same can’t be said of cen- the campaign to improvise. over the weekend in aseven-car ASandersaudiencegetsa and working people.” Invoking a Democratic nomination, as well trist and conservativeDemocrats Aides have set up loudspeakers motorcade.Mr. Sandersdrove long speech laden with statistics phrase from then-Senator Barack as that of his friends, based on who maynot see him as elect- forpeople leftoutside Sanders around in arented Chevywith a and policydetails from arum- Obama’s2008 insurgent presi- his directness and enthusiasm. able, they say. events,and scrambled to find pair of aides. pled candidatewhose hair looks dential bid, he said: “I’m firedup Aquestion forthe bare-bones David Axelrod, atop strate- larger venues to accommodate At Mrs. Clinton’sSaturday perpetually uncombed. It goes and ready to go.” Sanders campaign is whether it gist in Mr.Obama’stwo presi- unexpected crowdswho relish rally in NewYork,campaign vol- over well. The 73-year-old Mr. Sanders cancapitalizeonthis enthusi- dential election victories,said: his attacks on what he calls the unteersmet people getting off Tyson Manker,anIraqwar is particularly popular among asmand provide morethan a “Do Ithink Bernie Sandersisgo- “cocky billionaire class.” the subway at Roosevelt Island veteran, said he drovesix hours young voters, who say they are rhetorical challengetothe Clin- ing to be the nominee? No,I Sandersrallies offer few frills and gavedirections.Atthe from his home in central Illinois drawntohis grandfatherlyim- toN campaign. don’t think that’s likely to hap- and aminimal entourage. Mrs. Drake event, someone scrawled to hear Mr.Sanders’sDrake age. JoeThoms,a22-year-old At one event in Iowa on Sun- pen. But do Ithink he’sgoing to Clinton, who as aformer first “Bernie” in chalk on a sidewalk speech. “The man has always recent graduate of Central Col- day, a young Sanders supporter get votes? Yeah, I do.” Clinton Aide Didn’t Trump Vows to Disrupt Crowded GOP Field Write Libya Memos BY REID J. EPSTEIN the cut. Also in jeopardy of ex- AND HEATHER HADDON clusion is Carly Fiorina, the for- mer Hewlett-Packardchief exec- BY BYRON TAU someone else,and he has no NEWYORK—NewYork real- utiveand the only prominent idea about the credibility or the estate developer Donald Trump woman in the GOP contest.