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Silicon Valley craves a tax holiday on overseas profit, and a bill in Congress aims to provide...

Silicon Valley craves a tax holiday on overseas profit, and a bill in Congress aims to provide by cutting taxes on repatriated funds to 5.25% from 35% under a short amnesty. Why are tech giants smiling? Potential tax savings: Google (GOOG -3.1%) $5.2B, Oracle (ORCL -1.5%) $4.8B, Microsoft (MSFT -0.5%) $8.8B, Apple (AAPL +0.3%) $3.7B.
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Comments (6)
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    And the rich get richer and the poor eat iPods.:-(
    8 Jul 2011, 12:57 PM Reply Like
  • observer1935
    , contributor
    Comment (1) | Send Message
     
    Did you read this item? What this does is allow/encourage US companies to bring back overseas profits with little penalty. With the present tax at 35% on bringing back profits---NO ONE DOES IT---thereby depriving the domestic US economy of that money. Do you think the present policy is better? Do you know how to figure the 35% tax on Zero? Yep, the answer is Zero---govt gets zilch, nada.
    Wise up!!
    8 Jul 2011, 01:18 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    My sarcastic comment was directed at the cash rich Silicon Valley companies and a certain FRB member. There are many other companies that would like to use repatriated income for domestic expansion.
    8 Jul 2011, 01:22 PM Reply Like
  • Positive Equity
    , contributor
    Comments (483) | Send Message
     
    Great idea! Hurry up and pass this a law.
    8 Jul 2011, 01:26 PM Reply Like
  • jmur2k
    , contributor
    Comments (2) | Send Message
     
    Fed should not ask but demand they pay US taxes - or put an 8% sales tax on everthing they sell in the US.

     

    What the hell is wrong with US citizens? They're an ignorant group that sits back and allows themselves to get beat up by a corrupt Congress always on the take from these Co's and a bad president with no balls to take anyone on.
    8 Jul 2011, 02:10 PM Reply Like
  • Choggs
    , contributor
    Comment (1) | Send Message
     
    arrrggghhhh!!!! Wake up America. The temoprary employees(congress) are just there long enough to make a power grab and pad their resume. No one likes taxes, but as long as there is a class war going on, someone needs to carry that burden. 35p on billions of dollars gifted to MSFT, Apple, etc is robbery to the public trust. BS
    15 Aug 2011, 11:32 PM Reply Like
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