A nonpartisan congressional committee found that this tax repatriation plan would actually cost the government $78.7 billion over ten years, as companies scored a great deal on cash they planned to bring back to the country eventually anyway.
"What's more, an April analysis from the Center on Budget and Policy Priorities found that 10 of the biggest players in the WinAmerica Coalition are sitting on a combined $47 billion in domestic cash. If the companies aren't using their excess U.S. cash to create jobs, they aren't very likely to spend any money they bring in from overseas on jobs, either."
"According to a 2008 report by the Government Accountability Office, 83 of the 100 largest American companies operate subsidiaries in nations identified by the GAO as tax havens. Of the 10 companies currently lobbying hardest for the tax holiday, four -- Apple, Cisco, Microsoft and Pfizer -- were noted in the GAO report. Those four companies operated a combined 572 sub-companies in tax shelter countries at the time the report was published."
So why does this bad idea have legs? Because the so-called WinAmerica Coalition has spent $13.7 million lobbying for it.
By Zach Carter and Paul Blumenthal
June 22, 2011 | Huffington Post
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