Making a Tax Loophole for Offshore Corporate Profits Permanent (H.R. 4429)
Do you support or oppose this bill?
What is H.R. 4429?
(Updated November 14, 2014)
Argument in favor
Promotes global expansion of U.S. companies. Congress routinely passes these types of tax-extender bills without providing revenue offsets. Ends costly uncertainty to businesses in regard to tax issues.
Argument opposed
Motivates U.S.-based multinational corporations to keep profits out of the U.S. Disproportionately benefits the rich. Moves jobs out of the U.S. Reduces federal income by almost six billion a year for the next ten years.
Impact
If enacted, American corporations would never have to pay U.S. taxes on foreign profits.
Cost of H.R. 4429
The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues, thus increasing federal budget deficits, by about $59 billion over the 2014-2024 period.
Additional Info
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