Showdown ahead on U.S. overseas profit tax holiday

[OhioChick]

Published: Wednesday, August 24, 2011, 9:00 AM

WASHINGTON -- Backed by powerful companies spending millions of dollars, Washington lobbyists are fighting in the marble corridors of Congress for a tax break on $1.5 trillion in profits held overseas to escape the U.S. tax man.

When lawmakers return next month from summer break, powerful high-tech and pharmaceutical companies will step up their push for an overseas profit tax repatriation holiday and pose a test for President Barack Obama.

The idea has been kicking around for months, gaining only limited traction, but supporters sense their moment may be near, with the economy sluggish and Obama searching for new ways to ignite business investment and create jobs.

A repatriation tax holiday offers just that, advocates say, although critics contend the proposal's promises of economic stimulus are illusory and serve only to mask a tax break costing the United States $80 billion over 10 years.

More: http://www.cleveland.com/business/index.ssf/2011/08/showdown_ahead_on_us_overseas.html

[highplainsdem]

1. The $315 billion repatriated in 2004 went for stock purchases and dividends, not hiring.

Link to the DU topic I posted in March about a Politico article:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x568923

[dkf]

2. What is wrong with stock purchases and dividends?

In this time of low yields that could be helpful to retirees.

What good does it do us if they keep it overseas? Then they are more likely to invest it there and hire there. What else would they do with it?

[RegieRocker]

3. Tax the hell out of the f###kers!

[Tierra_y_Libertad]

4. Corporate welfare used to be opposed by Democrats. But, I guess it's PC now that "our" guys are .

cashing in.