May 9, 2005

Feingold's Big Business Tax Cut

Russ Feingold voted for this giveaway (I'd like a 5.25% tax rate, please). Alex Berenson looks at one of the windfalls: Large drug companies:

A new tax break for corporations is allowing the biggest American drug makers to return as much as $75 billion in profits from international havens to the United States while paying a fraction of the normal tax rate.

The break is part of the American Jobs Creation Act, signed into law by President Bush in October, which allows companies a one-year window to return foreign profits to the United States at a 5.25 percent tax rate, compared with the standard 35 percent rate.

.......

Though the companies stand behind their accounting, financial analysts and tax lawyers say that the drug makers' claim defies reality and that their profits come mostly from sales in the United States.

Posted by James Zellmer at May 9, 2005 12:00 AM | Subscribe to this site via RSS:
Posted to Politics | Taxes