repatriating profits made overseas. And what a break it is! That's a lot of bucks flowing on-shore all at once! I'll have to remember this one for Monday's SMW thread.
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The American Jobs Creation Act of 2004, which includes a range of corporate tax breaks, reduces the tax on "repatriated" foreign income
from 35 percent in most cases to 5.25 percent, with some limitations.
http://www.infoworld.com/article/04/10/25/HNtaxreliefbill_1.htmlEdit to add: Doesn't look like it's going to be used to create any frickin' jobs.
http://www.nwanews.com/story.php?paper=adg§ion=Business&storyid=98004snip>
None has said hiring was part of their plans. Only 3M named higher research and development spending as a possible use for the cash, an expenditure that might lead to more jobs.
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The law only prohibits spending proceeds on executive compensation. Any other spending must be spelled out in a "domestic reinvestment plan" approved by directors. Companies aren’t required to hire additional workers.
Likewise, they aren’t prohibited from buying back stock or reducing debt. "It will be interpreted as including these things but not restricted to them," said Greg Kelly, a federal policy analyst for Susquehanna Financial Group, an institutional brokerage and research firm.
Hewlett-Packard Co., Gillette Co. and Mattel Inc. wouldn’t comment on their plans. All three companies were heavily involved in lobbying for passage of the tax break.