W.H. says no again to tax-repatriation break

[whirlygigspin]

http://www.politico.com/news/stories/0711/58491.html

By MIKE ZAPLER | 7/7/11 11:38 AM EDT


“In 2004, when Congress enacted a repatriation tax holiday, the goal was to encourage U.S. multinationals to repatriate funds from their overseas subsidiaries and use the cash to make investments in the United States...That tax holiday cost taxpayers billions of dollars, but unfortunately, there is no evidence that it increased U.S. investment or jobs.”

"An estimated $1 trillion is sitting in overseas accounts of multinational corporations, which are loath to bring it back to the United States because of the tax penalty they would incur."


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Funny thing, when we are asked to pay our taxes, we are called responsible citizens, when corporations are asked to pay their taxes it is called
'incurring penalties'.

oh, and thanks again for that oil subsidy