A report from U.S. Senator Carl Levin calls a tax holiday forrepatriated offshore profits a failed policy that shouldn't berepeated.
The report, released late yesterday, is based on publiclyavailable data and surveys of 20 companies that show theyrepurchased stock and raised executive compensation after a 2004tax holiday rather than increasing research spending or addingjobs.
“It has the opposite effect of what we really need in thiscountry, which is job creation,” Levin said this morning at a pressbriefing. “It's also unfair to the 96 or 97 percent of thecompanies who keep their operations here.”
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