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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (160970)	3/17/2006 12:16:34 PM
From: John Carragher	Respond to of 793731

US multinationals awarded huge tax break on foreign earnings By Jamie Chapman 15 February 2005 Use this version to print \| Send this link by email \| Email the author Under the guise of a provision to create jobs, the US Congress passed a revision to the tax code allowing an 85 percent reduction in taxes on foreign earnings of many of the country’s largest corporations. The reduction applies to profits made and held by overseas subsidiaries. Instead of requiring the companies to pay the standard 35 percent top corporate tax rate on these earnings, the rate on such earnings “repatriated” to the US parent will go down to a mere 5.25 percent for one year. The Wall Street Journal estimates that as much as $750 billion in profits may be subject to the lower rate.