kocher wrote: ↑
Sat Dec 02, 2017 9:53 am
It takes a gross negligence to history and basic logic to think this will benefit the average citizen. In '04 Congress invited corporations to bring their overseas earnings at a reduced rate in an attempt to yield invesments, but used 90% of their windfall buying back their shares.
That's a complete lie. They used the money to pay dividends in their US based companies.
https://mobile.nytimes.com/2008/06/24/b ... 33715.html
"In all, 843 corporations took advantage of the offer, according to recent IRS statistics of income data, bringing back $362 billion in foreign profits, paid to the parent corporations as dividends."
"The tax break was included in a larger piece of legislation called the American Jobs Creation Act of 2004, with the intention that the repatriated money would prompt investment in the United States economy and spur job growth. Companies had to promise to use the money to invest in their domestic operations. They could not use it to pay dividends, or compensate executives."
"Supporters of the tax break say it was a success because it brought about $18 billion into Treasury coffers that otherwise would have stayed overseas. The nonpartisan Joint Committee on Taxation, a congressional agency, had estimated that the tax break would bring in only $2.8 billion, a sixth the actual amount.
"The provision was generally successful in prompting the repatriation of vast sums of foreign profits," wrote Joseph Calianno, a tax partner at Grant Thornton, in a recent analysis of the data."