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Oct 11, 2011

Foreign profit tax break was costly bomb: report

WASHINGTON (Reuters) – Congress should not endorse another big tax break for overseas corporate profits because the last one in 2004-2005 was a costly failure, said U.S. congressional investigators in a report released on Monday.

With an army of lobbyists pushing on Capitol Hill for a repeat of the Bush administration’s 2004-2005 program, the head of the Senate Permanent Subcommittee on Investigations urged lawmakers to reject another corporate give-away.

Oct 6, 2011

Fitch slams proposed U.S. foreign profit tax break

WASHINGTON, Oct 6 (Reuters) – Giving U.S. corporations a
tax break on their overseas profits likely would not boost the
economy or jobs, said credit rating agency Fitch Inc on
Thursday after two senators unveiled a tax “holiday” bill.

The Fitch statement echoed two other studies released on
Tuesday that reached the same conclusion — a stark contrast
with the picture painted by Republican Senator John McCain of
the legislation he introduced with Democrat Kay Hagan.

Oct 6, 2011

Foreign profits tax break gets boost in Senate

WASHINGTON (Reuters) – Corporations seeking a tax break on overseas profits scored a win on Thursday in the U.S. Senate with the introduction of a bill offering two possible reduced tax rates for repatriating earnings from abroad.

Senators Kay Hagan and John McCain unveiled bipartisan legislation that would let multinationals bring foreign profits into the country at an 8.75 percent tax rate or, if they boost hiring, at 5.25 percent. The statutory rate is 35 percent.

Oct 4, 2011

Twin rebukes jolt US business tax holiday campaign

WASHINGTON, Oct 4 (Reuters) – A lobbying push in the U.S.
Congress to give major corporations a tax break on their
overseas profits suffered a setback on Tuesday when influential
left- and right-wing think tanks both issued reports rejecting
it.

The left-leaning Institute for Policy Studies said 10 big
companies, including banking giants Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and
Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), laid off workers after enjoying a
similar foreign profits tax break in 2004-2005.

Sep 21, 2011

Senator Wyden: Repeal foreign profit tax break

WASHINGTON (Reuters) – The U.S. tax code may be headed for some major renovation, and Senator Ron Wyden, a rangy Oregon Democrat, has come up with one of Congress’ most complete blueprints.

Among his recommendations are slashing the corporate income tax rate, repealing a law that lets companies put off paying taxes on overseas income, and allowing a tax holiday for repatriation of foreign profits, he said in an interview.

Sep 19, 2011

Analysis – Obama, GOP shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Obama, GOP shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Obama, Republicans shifting tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Analysis: Obama, Republicans shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 14, 2011

Fight brewing over U.S. offshore profit taxation

WASHINGTON (Reuters) – Large U.S. corporations are pressuring Congress and the White House to exempt overseas corporate profits from taxes, a policy shift that critics say would hurt the economy and increase the federal deficit.

A fight is shaping up between supporters of territorial taxation, as this policy proposal is known, and opponents who favor a different reform — repealing a tax law that allows corporations to defer paying taxes on their overseas income.