Senate Report Slams ’04 Tax Holiday

Sen. Levin calls break for repatriated profits a ‘failed’ policy.

A report from U.S. Senator Carl Levin calls a tax holiday for repatriated offshore profits a failed policy that shouldn’t be repeated.

The report, released late yesterday, is based on publicly available data and surveys of 20 companies that show they repurchased stock and raised executive compensation after a 2004 tax holiday rather than increasing research spending or adding jobs.

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