Republican Tax Chiefs Cool to Cisco, Google Offshore Tax Plan

[Freddie Stubbs]

Source: Bloomberg

The top Republican tax writers in the U.S. Congress aren’t endorsing a call by Cisco Systems Inc. (CSCO), Google Inc. (GOOG) and other multinational corporations for a temporary tax break on repatriating profits held offshore.

Representative Dave Camp, the chairman of the House Ways and Means Committee, and Senator Orrin Hatch, the top Republican on the Finance Committee, said through aides yesterday that they want to consider the repatriation issue as part of a comprehensive look at rewriting the U.S. tax code.

That puts Camp, Hatch, and another Ways and Means member, Representative Patrick Tiberi, in the middle of a political fight with more than $1 trillion at stake. On one side are the companies and House Majority Leader Eric Cantor, a Virginia Republican who backs a so-called tax holiday for repatriated profits even while Congress considers a broader overhaul. On the other side is the U.S. Treasury Department, which yesterday criticized the idea, calling it a mistake that would benefit only a narrow slice of businesses.

“I want to do a lot of things,” Tiberi, an Ohio Republican who heads the Ways and Means tax-writing subcommittee, said in an interview yesterday. “I’d like to do them all now. So part of me says let’s do whatever we could do to help our economy. But it takes the pressure off, I think, getting it done in a big way.”

Read more: http://www.bloomberg.com/news/2011-03-23/treasury-volleys-back-at-cisco-duke-energy-offshore-tax-break.html

[benld74]

1. Repatriating Profits My 1/2 century *ss, make em put ALL their money in the US - NO MORE Loopholes!!

[Lucky Luciano]

2. I am not opposed to repatriation tax breaks conditional on net hiring with benefits

where new hires must remain for a year and all emplyees have a severance package in the event of termination that is a function of the tax break.

[Donnachaidh]

3. uhh, yeah, let's lessen the REVENUES even further to give corporations tax breaks

After all, a full frigging decade of Bush tax cuts created a gazillion jobs -- right????

Right????

:crickets:

I'm really getting sick of these companies holding the country hostage....

[alp227]

4. oh..."chiefs" not "cheats" n/t