Citi, BofA cut workers after US tax holiday

Oct 4 (Reuters) - Ten major U.S. corporations, including big banks Citigroup Inc (C.N) and Bank of America Corp (BAC.N), 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.

Large companies are lobbying again for such a tax break
http://www.reuters.com/article/2011/10/04/usa-tax-holiday-idUSN1E7921A620111004

Don't know if this was reported before or not

Greed.