Former Republican Senator Judd Gregg published an editorial with TheHill Monday calling attention to the over two trillion dollars that American companies have stashed overseas because of arcane taxes on businesses championed by Democrats and the president. Gregg suggests that if companies were able to invest those funds domestically without paying an additional tax of up to 35 percent for returning foreign profits to the United States, it would “be a slam-dunk for a president and Congress who claim they want to stimulate the economy.”
Tax Repatriation Holidays bills have come up before, but with little success. CEOs though like Cisco’s John Chambers are now coming out publicly to say that his company will not be investing in the U.S. before reforms are made to our prohibitive tax policy.
Rep.Kevin Brady joined “Real News” Tuesday to discuss the work being done in Congress to bring businesses back home and reform the tax code for good.