This was my favorite part of John Kerry's entire campaign... too bad he didn't support his platform when it went through congress and was signed by President Bush in October, to which he then called it a corporate giveaway...
But alas, that "giveaway" is paying dividends for America... IBM is the latest in a series of US companies bringing the money back home:
http://www.reuters.com/newsArticle.jhtm ... ID=7739248Code:
IBM Sees $8 Billion Repatriation
Fri Feb 25, 2005 05:33 AM ET
By Eric Auchard
PHOENIX (Reuters) - International Business Machines Corp. said on Thursday it is looking to repatriate $8 billion of undistributed profits earned outside the United States as part of a one-time U.S. tax holiday policy.
In a regulatory filing, the world's largest computer company said recognizing the $8 billion in profits would result in an income tax expense of up to $550 million, which it would take as a charge against quarterly earnings once the company's management and its board of directors approve the plan.
Don't punish companies for making money overseas... encourage them to make it there, and bring it back home to fund R&D and expansion as well as increase dividends, buy back shares, and eliminate debt.
Now if they would only make this permanent, and eliminate the tax hurdle altogether, we would be even better off.
