As a coalition led by Apple Inc., Google Inc., and Cisco Systems Inc. presses for a tax holiday on more than $1 trillion in offshore profits, it is turning to a well-positioned lobbyist: Jeffrey Forbes, once chief of staff to Max Baucus, chairman of the tax-writing Senate Finance Committee.
U.S. companies led by General Electric Co. and Pfizer Inc. stockpiled an additional $187 billion in untaxed overseas profits over the past year, boosting their offshore holdings by 18.4 percent, according to data compiled by Bloomberg.
The top Republican tax writers in the U.S. Congress aren’t endorsing a call by Cisco Systems Inc. , Google Inc. and other multinational corporations for a temporary tax break on repatriating profits held offshore.
Cisco Systems Inc.’s plan to eliminate about 6,500 jobs worldwide is complicating the corporate lobbying campaign for a tax holiday that would allow multinational companies to return $1 trillion in offshore profits to the U.S. at a low tax rate.
A proposal for a temporary tax holiday on offshore corporate profits won’t be included in year- end Republican legislation that includes a payroll tax cut extension, according to House Speaker John Boehner.