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October 5, 2011

Study: Corporations Laid-Off Workers Following Tax Holiday 
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A new report is warning against a proposed tax holiday on overseas
profits that corporate proponents say will boost the economy. According
to the Institute for Policy Studies, 10 major corporations fired workers
right after enjoying a tax holiday in 2004-2005. Overall, 58
corporations cut more than 600,000 jobs after collectively saving some
$64 billion in taxes. Overseas profits are currently taxed at the 35
percent corporate rate; a proposed measure in the Republican-controlled
House would reduce that to a one-time rate of just over 5 percent.



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