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.
“It has the opposite effect of what we really need in this country, which is job creation,” Levin said this morning at a press briefing. “It's also unfair to the 96 or 97 percent of the companies who keep their operations here.”
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