US business seeks repatriation tax concession
Big companies plead with Obama for amnesty to help bring home billions in cash held overseas
Obama adminsitration dealing with request for repatriation amnesty
Companies in the US are seeking a tax concession that would allow them to
bring home an estimated $1,000bn currently held in overseas jurisdictions.
According to the
Financial
Times companies are now seeking some form of tax holiday from the Obama
regime so the cash can be used in the US.
Typically repatriated cash would face a charge of 25-35%.
The FT reports Keith Sherin, CFO of General Electric, saying he believes it
would be good for the US economy if the money could be brought home at more
competitive rates.
The estimates of how much is held by US companies overseas comes from JP
Morgan research.
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