Source: Street Insider
PRNewswire-USNewswire/ — America’s infrastructure – its roads, bridges, tunnels and highways – are in bad shape and getting worse. The New York City subway system dates back to 1900, and the Philadelphia and Boston systems are just about as old, and all are in bad need of repair, with aging cars, poor communications and signal systems.
The water supply in Flint, Mich., is contaminated by lead, because of poor equipment and maintenance. Many people, including children, have been sickened.
Driving in the San Francisco Bay area is more than a challenge to motorists, who must deal daily with cracks, potholes and incomplete repairs.
Many bridges across the country have been deemed by the U.S. Department of Transportation to be sorely in need of repair.
Yet despite the dire need for action, U.S. Congress has not taken definitive steps to help repair the faulty infrastructure.
Martin Tuchman, a founder of Interpool, one of the nation’s leading container leasing corporations and founder also of Trac Lease, the largest chassis leasing company in the country, has advanced a proposal to raise money to improve the infrastructure. He has placed his proposal on a video, which can be seen at TuchmanFoundation.org.
Mr. Tuchman’s proposal centers on repatriating the money U.S. corporations make overseas.
Mr. Tuchman proposes that by proposing a federal tax rate of five percent – versus the higher 35 percent rate, a substantial amount of money can be brought back to the United States.
But, Mr. Tuchman says, the U.S. government, in order to forgive the higher tax rate, would require the companies to invest in the U.S. infrastructure.
Mr. Tuchman proposes that companies retain 70 percent of the cash to use in any way they wish, while 25 percent would be used to purchase Municipal Bonds from participating states.
The Municipal Bonds would be owned by the repatriating companies and remain on their balance sheets as assets. The companies would be retaining 95 percent of what they are repatriating.
Mr. Tuchman has repatriated several hundred millions of dollars back to the U.S., which he successfully invested in the U.S. economy.
Mr. Tuchman has been an advisor to U.S. Rep. Carolyn Maloney of New York on repatriation and finance issues. Rep. Maloney is also available for interviews.
Mr. Tuchman is currently Chief Executive Officer of the Tuchman Group, an investment group with holdings in real estate, banking and international shipping. He also serves as Chairman of the Tuchman Foundation, an umbrella company for the Parkinson’s Alliance. The Alliance works closely with Parkinson’s research organizations that seeks grants from the National Institute of Health.
Rep. Maloney was first elected to Congress in 1992 and is recognized as a national leader with extensive accomplishments on financial services, national security, the economy, and women’s issues. She is a senior member of both the House Financial Services Committee (where she serves as Ranking Member of the Subcommittee on Capital Markets) and the House Oversight and Government Reform Committee, and the Ranking House member of the Joint Economic Committee. In the House Democratic Caucus.