Business Leaders Love Hagen-McCain Profit Repatriation Bill; Harry Reid, Not So Much

No matter what one may say about Senators Kay Hagan (D-NC) and John McCain (R-Az), this is damned wonderful idea, one which has been kicked around for a long time

(WRAL) Several prominent business leaders from North Carolina are backing a bi-partisan bill in the U.S. Senate that would cut dramatically the tax rate on corporate profits made overseas.

If companies increase the number of employees, the rate would be cut even more under legislation introduced by Sen. Kay Hagan, D-N.C., and John McCain, R-Ariz.

Bringing the profits back to the U.S. is called repatriation.

The rate on repatriated profits would drop to 5.25 percent if a company’s payroll expanded during 2012, according to a summary of the bill released by Hagan’s office. The current top corporate rate is 35 percent.

There is at least a trillion dollars trapped overseas, some say way more. The companies keep these earnings overseas because of the insane tax laws of the US, and this is a way for them to bring it back home, which would be a great shot to the economy.

Brady and House Majority Leader Eric Cantor, a Virginia Republican, issued statements praising the Hagan-McCain bill.

Cantor said the measure was “the latest evidence of bipartisan support for repatriation and I applaud their effort.”

“I hope that Congress can act quickly so that the president can sign repatriation legislation that will take effect this fall,” Brady said in a statement.

Alas, in steps Dingy Harry

Senate Majority Leader Harry Reid said Thursday that the proposal from McCain and Hagan won’t pass the Senate as a stand-alone bill and must be coupled with infrastructure improvement provisions.

“It won’t just be simply repatriation,” the Nevada Democrat said. Corporate tax holiday legislation “will be part of an infrastructure program,” Reid said in an interview. He declined to provide details.

So, Harry Reid (Democrat) is going to hold this excellent piece of bipartisan legislation hostage in order to get more money for painting bridges and digging turtle tunnels. Great.

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4 Responses to “Business Leaders Love Hagen-McCain Profit Repatriation Bill; Harry Reid, Not So Much”

  1. plainslow says:

    What damage would this do to the countries that the money is now, if they bring it back? Do those countries need it there as well? I think it’s a good idea and must be tried. Just wondering what the ramifications world wide would be?

  2. Adobe Walls says:

    Leave it to Dingy Harry to do the right thing for the wrong reason.
    The fact that a big government Republican would couple with a Moonbat Democrat on any subject, should give every thinking conservative pause. We are the only developed nation that uses taxes to punish corporations for overseas earnings. Thinking that companies will take the bait and bring back overseas earnings to invest in jobs is a fools errand. What causes one to believe that investing money currently overseas, here in this country is any more attractive than investing the Trillions sitting on the sidelines here now? Caveats by government fiat on how private money is disposed of is no more acceptable when McCain/Hagan want it invested in hiring than when Reid wants it placed in a Union slush fund. Companies should be allowed to bring their money to this country because it is their money. It doesn’t matter whether that money is given to stockholders as dividends or burned in a Satanic ritual. It’s private money owned by private corporations and individuals and how its used, invested or squandered in Vegas is none of the governments business.

  3. david7134 says:

    My state has a policy of modifying the tax code to attract business. Why does the US do this as well? Of course, taxes are only one small part of the equation, businessmen say that the government has become unstable and that they can’t afford to re-establish in the US with the current enviornment. After all, they could become a criminal over night if the One wakes up and decides to outlaw an industry as he has done with oil. In addition, the regulations are killing us.

  4. gitarcarver says:

    Companies, like people, will put their money where it will serve their interests the best. If anyone can give a decent reason why we 1) should be taxing corporations at the 2nd highest rate in in the world and 2)why companies moving their money to increase profits is a bad thing, I would appreciate it.

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