White House throws cold water on corporate tax repatriation holiday

WASHINGTON Wed Jun 18, 2014 2:07pm EDT

U.S. President Barack Obama speaks while hosting the first-ever White House ''Maker Faire'' in Washington June 18, 2014. REUTERS/Kevin Lamarque

U.S. President Barack Obama speaks while hosting the first-ever White House ''Maker Faire'' in Washington June 18, 2014.

Credit: Reuters/Kevin Lamarque

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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.

(Reporting by Roberta Rampton; Editing by Susan Heavey)

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Comments (4)
willich6 wrote:
What else do you expect from Mr. Tax and Spend????

Jun 18, 2014 2:21pm EDT  --  Report as abuse
morbas wrote:
Bravo Honorable POTUS Obama. These corporations are sluffs, and they owe. Why not confuscate USA assets, and endenture these lazy bums.

morbas(i)

Jun 18, 2014 2:32pm EDT  --  Report as abuse
SunnyDaySam wrote:
willich6 wrote:
‘What else do you expect from Mr. Tax and Spend????’

As opposed to the Republican Spend and Spend. The bush/GOP put two full-blown trillion+ wars on the credit card and cut taxes for the wealthy at the same time. It is the most fiscally irresponsible thing ever done in the USA. That’s a fact – look it up.

Jun 18, 2014 3:14pm EDT  --  Report as abuse
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