Citi, BofA Cut Workers After US Tax Holiday: Report

[marmar]

Published on Tuesday, October 4, 2011 by Reuters

Citi, BofA Cut Workers After US Tax Holiday-Report
Report singles out 10 companies for cutting jobs


Ten major U.S. corporations, including big banks Citigroup Inc and Bank of America Corp, laid off workers after enjoying a tax holiday in 2004-2005 that had been billed as a form of economic stimulus, said a report released on Tuesday.

With large multinational companies today pressing Congress for another tax holiday, the Institute for Policy Studies reported that the last one did not fulfill its rosy promises for hundreds of thousands of U.S. workers.

Fifty-eight corporations that accounted for 70 percent of overseas profits repatriated under the 2004-2005 tax break collectively saved $64 billion in taxes, then cut 600,000 jobs through layoffs, the report said.

It is the latest in a series of warring studies on whether U.S. multinationals should be allowed, for the second time, to bring home hundreds of billions of dollars in overseas profits at a bargain-basement tax rate. .........(more)

The complete piece is at: http://www.commondreams.org/headline/2011/10/04-4