As Washington politicians grapple with how to lower the federal deficit, a coalition of powerful corporations has a seemingly tantalizing offer: Give us a big tax break, and we’ll give you $50 billion or more in fresh revenue.
More than two dozen major companies and business groups — including the U.S. Chamber of Commerce and technology giants Apple, Google and Microsoft — have joined together under the banner of the “Win America Campaign” to push for a one-time tax holiday on overseas profits.
The initiative is backed by some pretty influential people in both private and public organizations and from both political major political parties. The whole idea behind these efforts is to hopefully bring a major stimulus to the American economy which was currently tied up overseas. Doing so could potentially create many thousands of new jobs and other investment opportunities.
Now I still have yet to form a particular opinion about the whole situation, but I must say that the deal does have a certain initial allure to it. But the question still remains, are the incoming new investments worth the taxes that would be lost if these companies were held to the normal amount? Perhaps it’s worth the tax break for the sake of economic stimulus? Also, what is, or should be, the “normal” amount when it comes to taxing big businesses?
What do you think? Should the government take the deal that the “Win America Campaign” has presented? Or should they stick to their guns and throw the tax holidays to the wind? Would the new investments really create new jobs and boost the American economy as they say it will?
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