White House throws cold water on corporate tax repatriation holiday
WASHINGTON (Reuters) - President Barack Obama does not support the idea of a corporate tax repatriation "holiday" that some Republicans in Congress have said could help boost the coffers of the dwindling Highway Trust Fund, the White House said on Wednesday.
"The president does not support and has never supported a voluntary repatriation holiday because it would give large tax breaks to a very small number of companies that have most aggressively shifted profits, and in many cases, jobs, overseas," White House spokesman Jay Carney said.
A one-time holiday in 2004 saw 15 firms get more than 50 percent of tax breaks worth billions, Carney said.
- Missing Air Algerie plane from Burkina Faso has crashed: Algerian official
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Sierra Leone's chief Ebola doctor contracts the virus
- At least 15 dead in Israeli shelling of Gaza school- Health Ministry |
- European court says CIA ran secret jail in a Polish forest