Wealthy corporations with a trillion dollars stashed offshore lobby for a 'holiday' from U.S. taxes [View all]

[Bill USA]

http://www.iwatchnews.org/2011/10/24/7167/wealthy-corporations-trillion-dollars-stashed-offshore-lobby-holiday-us-taxes/

Rich corporations with money offshore want a tax holiday; Sen. Carl Levin says, 'I want them to pay their taxes like the rest of us'

By John Aloysius December 14, 2011

A select group of U.S. multinational corporations have been furiously lobbying for a tax holiday, they say, to bring more than a trillion dollars in so-called “trapped” foreign earnings back home and invest it in the American economy.
Goaded by battalions of corporate lobbyists, members of Congress are working to give a select group of U.S. multinational firms like Apple, Oracle and Pfizer a lavish tax break on a trillion dollars stashed offshore.

The avowed goal is to generate jobs and investment, but the offshore tax holiday was tried before, in 2004, and the lion’s share of the benefits went not to unemployed workers and their families, but to corporate shareholders and executives.

With today’s high unemployment, and soaring costs for college, health care and other family essentials, critics are asking why an elite class of corporations and their shareholders should get a huge tax break on overseas profits.

The proposed tax holiday could cost the Treasury from $40 billion to $80 billion over the next decade, and the high cost of the measure is one reason that its prospects for passage are mixed.

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