Some of America’s most flush corporations are demanding a tax holiday on their profits sitting offshore. But the last holiday produced a nasty hangover. After the 2004 tax holiday, a new report documents, 58 major companies that benefited from the holiday shed almost 600,000 workers.
A powerful coalition of U.S.-based global companies is lobbying hard for a “tax holiday” on offshore profits. Congress should say “no!”
Federal agencies are now preparing new regulations for enforcing the banker pay reforms enacted last summer. These new regs, says the AFL-CIO, need to prohibit the ‘incentive’ that’s still stuffing bankers with billions.
Republican leaders in Congress have a one-point program for whatever ails the nation: cut taxes for millionaires and large corporations.