Corporate Executives Asked Obama To Authorize A "Tax Holiday" For Their Firms, And More ...

At a meeting at the White House earlier this month, corporate executives queried President Obama about authorizing a "tax holiday" that would allow their firms to tap into more than $1 trillion, a bulk of which is socked away in offshore tax havens, Bloomberg reported. "The money - including hundreds of billions in profits that US companies attribute to overseas subsidiaries to avoid taxes - is supposed to be taxed at up to 35 percent when it's brought home, or 'repatriated,'" the Bloomberg report says. "What nobody's saying publicly is that US multinationals are already finding legal ways to avoid that tax."

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