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Guest
A proposal for a temporary tax holiday on offshore corporate profits won’t be included in year- end Republican legislation that includes a payroll tax cut extension, according to House Speaker John Boehner. 
The measure, which had been stalled for months, emerged as a candidate for inclusion in a payroll tax bill package getting a strong push from House Republicans, particularly a bloc of lawmakers elected in November 2010.
The repatriation initiative, backed by multinational corporations including Pfizer Inc., Brown-Forman Corp. and Eastman Kodak Co., would let U.S. companies bring home offshore earnings at a 5.25 percent tax rate, an 85 percent discount from the 35 percent top corporate rate.
Boehner said today that the repatriation initiative wouldn’t be part of legislation to extend a payroll tax cut in 2012.
Supporters including Representative Kevin Brady, a Texas Republican who has sponsored tax holiday legislation, say a tax holiday would encourage companies to invest money in the U.S. instead of offshore and would stimulate the economy.
http://www.businessweek.com/news/20...ay-won-t-find-way-into-year-end-proposal.html
Yeah, weren't the bailouts gonna get the banks to lend to businesses?
And weren't the tax cuts supposed to get the "job creators" to actually create some jobs?
Looks like some in Congress on both sides of the aisle have stopped buying the BS from the 1% lobby.
The measure, which had been stalled for months, emerged as a candidate for inclusion in a payroll tax bill package getting a strong push from House Republicans, particularly a bloc of lawmakers elected in November 2010.
The repatriation initiative, backed by multinational corporations including Pfizer Inc., Brown-Forman Corp. and Eastman Kodak Co., would let U.S. companies bring home offshore earnings at a 5.25 percent tax rate, an 85 percent discount from the 35 percent top corporate rate.
Boehner said today that the repatriation initiative wouldn’t be part of legislation to extend a payroll tax cut in 2012.
Supporters including Representative Kevin Brady, a Texas Republican who has sponsored tax holiday legislation, say a tax holiday would encourage companies to invest money in the U.S. instead of offshore and would stimulate the economy.
http://www.businessweek.com/news/20...ay-won-t-find-way-into-year-end-proposal.html
Yeah, weren't the bailouts gonna get the banks to lend to businesses?
And weren't the tax cuts supposed to get the "job creators" to actually create some jobs?
Looks like some in Congress on both sides of the aisle have stopped buying the BS from the 1% lobby.
