The Repatriation Bill in Congress falls way short!
Corporations have been crying for big tax breaks to bring their profits from other countries home. They are currently sitting on over two trillion dollars in domestic profits hoarded over the last few years.
Senators’, Kay Hagan, of North Carolina and, John McCain, of Arizona have introduced a new bill, The Foreign Earnings Repatriation Act, to allow multi-national corporations to bring over a trillion dollars in foreign profit back to the United States at a favorable tax rate. Too favorable!
The tax rate in the bill falls way short of what’s fair.