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.
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.
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.
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.
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.