Repatriation Tax Holiday Is Proposed By SenatorsPublished:
Senator John McCain (R-AZ) and Senator Kay Hagan (D-NC) are planning to introduce a bi-partisan bill that would ease the tax burden on foreign profits that U.S. companies bring home. The legislation is titled the ‘Foreign Earnings Reinvestment Act’ and is designed as an incentive for companies to bring home profits that are being held overseas (currently estimated at $1.4 trillion).
Supporters of this bill say that companies will be able to use that money to invest in the United States and create jobs, but critics wonder if the legislation will really have an impact at all.
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