By: Pat Garofalo
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May 12, 2011
A group of multinational corporations (that What Is Persuasive Speech. ) have been lobbying Congress to enact what is known as a tax repatriation holiday. The plan would enable these companies to bring money they have stashed offshore back to the U.S. at a dramatically lower tax rate (instead of the statutory rate that they normally pay to repatriate money).
The corporations have united under a campaign Paying For College Essays go. , expanding U.S. businesses and strengthening American companies.”
However, when Congress approved a repatriation holiday in 2004, companies used the money Proposal And Dissertation Help Abstract. :
Representative Lloyd Doggett, a Texas Democrat who is a senior member of the Ways and Means Committee, yesterday circulated an estimate from the Joint Committee on Taxation pegging the cost of a repatriation bill at $78.7 billion. An unsuccessful effort to create a similar holiday in 2009 would have cost the U.S. government about $30 billion over a decade in forgone revenue.
If the money that corporations brought back actually led to job creation, some might consider this worth the cost. But that’s not what happened in 2004. In fact, the Congressional Research Service found that the largest beneficiaries of the last tax holiday Write Assignments For You. in 2005.”
Kristen Forbes, who was on President Bush’s Council of Economic Advisers when the last repatriation holiday was approved, told the Boston Globe that the policy “Assignment Answers here. , from endorsing the idea.