Past Tax Holiday Created Corporate Profits, Not Jobs
Evidence continues to mount that a so-called tax holiday for corporations’ overseas profits is a bad idea.
Evidence continues to mount that a so-called tax holiday for corporations’ overseas profits is a bad idea.
With Big Business pushing Congress to pass legislation granting a “tax holiday” for hundreds of U.S. corporations, a new study shows that despite a similar tax holiday in 2004, corporations slashed nearly 600,000 jobs through layoffs even as they collectively saved $64 billion from what they otherwise would have owed in taxes. Under a tax holiday, corporations could bring trillions in overseas proft back to the United States in exchange for a hugely reduced tax rate on that profit.
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