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Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals
Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Homeland Security and Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Majority Staff of the Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs examined the consequences of the 2004 repatriation provision of the American Jobs Creation Act that provided a low tax rate to U.S. corporations with offshore funds that returned cash assets to the United States. The cash assets returned to the United States saved corporations over three billions dollars in tax payments, but did create the growth in jobs and investment that was estimated. The Subcommittee recommended against enacting such a tax break again in light of its findings of the tax break's harmful effects.
Date
2011-10-11
Document Type
Senate Majority Staff Report
Serial Number
112-27.Sprt
Document Length
107 pages
Congress
112
Relation
DOI
Keywords
Staff Reports
PAP Major Code
1: Macroeconomics
PAP Minor Code
107: Taxation, Tax Policy, and Broad Tax Reform
Related Hearings
• House Committee on Ways and Means, hearing on “The Need For A Comprehensive Tax Reform To Help American Companies Compete In The Global Market And Create Jobs For American Workers,” 112th Cong., H.Hrg. 112-11, (2011, May 12)