U.S. multinationals pursue victory in Capital strike against taxes

 

Carl Proper

globalmapGlobal, nominally U.S. corporations have been on a tax strike since the last “repatriation holiday” in 2005. Corporations like Apple computer and General Electric are refusing to bring an estimated $1.7 trillion in “overseas earnings” back to the U.S. as long as the United States demands a 35% tax payment on those earnings. Apple, for example, has more than $12 Billion parked offshore. Google has $17 billion and Microsoft, $29 billion. “To the companies,” Washington Post reporters Jia Lynn Yang and Suzy Khimm note, “no other tax issue matters more.”

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