Is a major tax holiday coming to a multinational corporation near you? Maybe:
Top Senate Democrats and Republicans on Tuesday said they were considering offering American companies a one-time tax break if they repatriate profits stashed abroad.
The senators anticipate the proposal would generate a windfall in revenue that would be used to fund federal transportation projects.
U.S. Senate Minority Leader Mitch McConnell told reporters in the Capitol that Republicans had discussed a corporate tax repatriation “holiday” idea and “it enjoys a good deal of support in our conference.”
Forget the “federal transportation projects.” That’s just the graft Washington Democrats (and not a few Republicans) will insist on getting to pass the cuts. But Apple alone has $100,000,000,000 sitting in offshore banks, just waiting for the opportunity to be repatriated at something less than today’s confiscatory corporate tax rate.
The GOP would be smart to give a little on the graft — I mean, set aside a little extra for “federal transportation projects” — in exchange for a permanent corporate tax rate reduction. House and Senate Democrats might even agree, with so many windfall tax dollars going to favored labor constituents.
And in an election year, would Professor Ditherton Wiggleroom dare to veto?