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Matt Taibbi: The Evil Corporate Tax Holiday Is Baaaaaack!

In a new blog post in Rolling Stone, Matt Taibbi writes about a bi-partisan bill called "Freedom to Invest Act," which would "temporarily" reduce the effective corporate tax rate to 5.25 percent for all profits corporations earned abroad if the funds are brought back into the U.S. The amount in question is about $1 Trillion, which would otherwise be taxed at 30 to 40%. Read below the fold...

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Corporate Tax Amnesty: The Next Hostage Crisis

A comment from Numerian at Economic Populist:

"The immediate next stage for the Republicans will be to demand a tax amnesty. There are so many noble corporations out there who have kept their revenue offshore due to our "unfair" tax system, and they are just dying to bring this money home in order to create jobs! Sen. Mike Crapo (R.,Idaho) make this very argument this morning on television. I didn't think they'd be on this so quickly, but they are on a roll so why not go for everything in their playbook.

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