Editor’s note: Follow government reporter Katie Brandenburg weekly as she tracks U.S. Sen. Rand Paul, a Bowling Green Republican, possibly on his way to a run for the White House.

U.S. Sen. Rand Paul, R-Ky., pushed some of his ideas in collaboration with others this week, unveiling a proposal to bring additional funding to the Highway Trust Fund and promoting congressional action to aid in thawing relations with Cuba.

Paul announced Thursday that he and Sen. Barbara Boxer, D-Calif., will introduce a bill called the Invest in Transportation Act of 2015.

The act would allow U.S. companies to voluntarily return their foreign earnings to the United States at a tax rate of 6.5 percent, according to a white paper laying out details of the proposal. 

The rate would only apply to repatriations that are higher than the company’s average repatriations in recent years. None of the repatriated funds could be used to increase executive compensation or on increases in shareholder dividends or stock buybacks for three years after the program ends.

Tax revenue raised from the program would go toward the Highway Trust Fund, which finances investments in roads, bridges and transit systems.

“The authorization for surface transportation programs will expire on May 31, and the Highway Trust Fund is projected to face insolvency shortly after that,” the white paper said. “If Congress does not provide additional revenue to the Highway Trust Fund before that time, states will face cash-flow problems during the extremely busy summer construction season.”

The proposal is one that Paul talked about as he announced his run for re-election to the Senate in December.

A U.S. Chamber of Commerce study in 2013 estimated that a similar proposal could increase GDP by $440 billion and help companies create 3.5 million jobs, according to the white paper.

Paul said in a news release that the highway system is vital to the economy and that he is happy to be working with Boxer on a bipartisan solution to a tax and highway spending problem.

“All across the country, bridges and roads are deficient and in need of replacement,” he said in the news release. “We can help fund new construction and repair by lowering the repatriation rate and bringing money held by U.S. companies back home. This would mean no new taxes, but more revenue, and it is a solution that should win support from both political parties.” 

Paul also signed a letter from several Republican senators this week praising President Barack Obama’s actions to improve relations with Cuba and urging Congress to take further action.

Those signing include Sens. Jeff Flake, R-Ariz., Jerry Moran, R-Kan., Pat Roberts, R-Kan., Mike Enzi, R-Wyo., John Boozman, R-Ark., and Susan Collins, R-Maine.

“Our hope is that changes to the current trade and travel relationship will advance our goal of bolstering the vulnerable private sector and increasing entrepreneurship while decreasing the role of state-controlled enterprises,” the letter said.

It said that, in light of Obama’s recent change in policy toward Cuba, the senators hope to see “Congress turning its attention toward modernizing U.S.-Cuba policy to the benefit of U.S. citizens and the Cuban people alike.”

— Follow government beat writer Katie Brandenburg on Twitter at twitter.com/BGDNgovtbeat or visit bgdailynews.com.