State and Local

Hagan proposes repatriation holiday


At a forum sponsored by Third Way, a “moderate” think tank, Senator Hagan, an honorary co-Chair of the group, made the following proposal:

“With a simple and temporary change to our tax code, also known as the repatriation holiday, we could entice many multinational companies to bring this money back to the United States for capital, for investment and, most importantly, for hiring. A repatriation holiday can encourage economic activity at a fraction of the cost of recent fiscal policy. Analysis of the 2004 holiday shows that a temporary rate of 5.25 percent resulted in $312 billion that flowed from abroad. Nearly 200 billion (dollars) of that was used by the corporations to finance capital, spending and hiring and to retire debt, and it also generated billions of dollars in tax revenue”

via Third Way

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