Senate Panel Backs Bill to Give Tax Windfall to U.S. Companies

American corporations that have deferred taxes for years on the profits they made overseas could be in line for a huge windfall from Congress.

Hoping to bring more investment to the United States, the Senate Finance Committee approved a bill on Wednesday that would give a one-time tax holiday to companies that have accumulated as much as $400 billion in foreign profits on which they have yet to pay American taxes.

American companies can usually defer paying taxes on foreign profits as long as they keep the money outside the United States. Much of that money is reinvested in foreign operations, and some is parked in passive investments.

The Senate bill, which is part of a much broader bill to overhaul laws on international corporate taxation, would let companies bring those profits back and pay a tax rate of 5.25 percent.

more............

http://www.nytimes.com/2003/10/02/business/02TAX.html

This just gives folks who live out of the country more ability to buy up America at low prices.

We need folks to buy American, not America.

And I know how many jobs they are going to create with their windfall - considering how many of us are out of work and can spend, spend, spend.

Exactly 0.00%

Maybe the corporate presidents can hire a chauffer for each of their limos, instead of having just one for their entire fleet.

You know damned well that they'll put up some halfassed debate and then some of them will vote for this.

Everyone of them should refuse to support this bill, at least until an Amendment forces the money to be spent in the USA. But no, I doubt that will happen.

unfrigginUNreal

they want to park their dollars back here in the "US fucking-A"

5.25% -- BASTARDS!!!!!!

This just really steams my already chapped butt. eergggg!

and the poor get poorer -

- and yah -

- I know

- this is not really "news" to anyone

- and as an aside - hmm -geewhiz

- up here in Canada us wimps that don't "attack" everyone we disagree with

- we all got FREE Healthcare

- USA is the so-called "SuperPower" - but they can't afford to give free HealCare ??

- give me a break

- No Offence - but I like my country MUCH better

___ ___ <<<< oh yaah - that too :hippie: