|
|
Article: Tax deferral (Redux).(Editorial)
- Article from:
- Arkansas Business
- Article date:
- October 19, 2009
CopyrightCOPYRIGHT 2009 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
BACK IN AUGUST WE EDITORIALIZED about a proposal in President Obama's fiscal 2010 budget that would increase U.S. taxes on American companies' foreign operations.
Last week, the administration cried uncle and businesses won a reprieve as Obama backed away from the plan that would have raised some $210 billion from the multinational companies over a 10-year period.
The repeal or scaling back of the so-called corporate "tax deferral" law, a provision that allows multinational companies to defer U.S. taxes owed by subsidiaries operating in foreign countries until the income is sent back to the United States, would have had a big impact on several large ...