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Tax Holiday Backers Emphasize Big Picture in $1 Trillion Quest

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-16-11 08:48 AM
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Tax Holiday Backers Emphasize Big Picture in $1 Trillion Quest

Faced with criticism that companies didnt use proceeds of a 2004 tax holiday to create jobs directly, advocates for repeating the policy are emphasizing the indirect economic effects of repatriating more than $1 trillion.

Whether the money is used for hiring or stock buybacks, I would much rather have their foreign earnings here rather than in, say, France, said Kenneth Kies, a tax lobbyist at the Federal Policy Group in Washington whose clients include Microsoft Corp. (MSFT) and Pfizer Inc.

Those companies, along with Apple Inc., Google Inc., and Qualcomm Inc., are part of a coalition urging Congress to temporarily reduce the tax rate on profits held overseas. They want a repeat of a 2004 law that let companies pay 5.25 percent, instead of 35 percent, when they bring that cash to the U.S.

A flurry of studies and legislative activity over the past few weeks has brought increased attention to the proposed repatriation tax break. Lawmakers from both parties are trying to position the repatriation holiday as a tonic for the ailing economy. The proposal hasnt advanced in Congress because of Democratic opposition, concerns about its cost to the government and the experience after the 2004 holiday.

*** until politicians have to face the consequences of their bad faith actions they will remain tools of the corporate elite. :mad:
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LonePirate Donating Member (898 posts) Send PM | Profile | Ignore Sun Oct-16-11 08:53 AM
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1. Tie the repatriation to jobs creation over 6-12 months. The Repubs dislike free rides so why should
these tax cuts be any different?
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