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Politics : Politics for Pros- moderated
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To: Les H who wrote (160937)3/17/2006 11:55:11 AM
From: John Carragher  Read Replies (1) of 793731
 
this was kerry proposal.. i believe bush did cut some of the foreign tax for corp that returned quite a bit of tax money faster to our treasury.. however, that is not not my expertise. perhaps you can help in this area.
kerry proposals
Tax Repatriation Holiday. Senator Kerry plans a one-time tax break for companies that repatriate foreign income. Instead of paying the full tax on these profits, companies would pay a special 10 percent tax on profits that they bring back to the United States. The lower tax rate would apply only to repatriations that exceed a base amount that represents the normal amount of income that would have been repatriated without this tax change. The base amount would be determined by averaging the amounts that were repatriated in prior years. In addition, CDA analysts assumed that corporations would be permitted to reduce their U.S. tax liability by using a modified version of the foreign tax credit.

Partial Repeal of Tax Deferral on Overseas Income. The Kerry plan would also reduce the tax deferral of corporate income earned overseas. The objective is to tax profits from foreign subsidiaries in the same way that domestic profits are taxed even though domestic profits have not been subject to tax by foreign governments, which is the case with foreign-source income. The repeal is partial because the plan includes exemptions for some multinational companies that sell their products abroad. The tax plan allows these companies to defer income if they sell a product in the country in which it is produced. An estimated two-thirds of foreign income would qualify for deferral under the Kerry plan.
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