On 2 February 2015, U.S. President Barack Obama's Fiscal 2016 Budget was sent to Congress. Key corporate tax measures included: A one-time tax of 14% on un-taxed foreign earnings accumulated overseas (to be used to fund transportation infrastructure repairs and improvements) A minimum tax of 19% on foreign earnings going forward with no deferral option A reduction in the top marginal corporate tax rate from 35% to 28% A new surcharge on financial firms with more than USD 50 billion in assets Given the currently Republican controlled Congress, it is unlikely the measures will be approved in their current form.