New information released Wednesday on the holdings of U.S.-based multinational corporations is adding fresh ammunition to the dispute over whether companies should be given a tax holiday on repatriated foreign profits.
Large multinational U.S. corporations with substantial offshore funds have placed nearly half of those funds in U.S. bank accounts and U.S. investments without paying any U.S. tax on the foreign earnings, according to new data released by Sen. Carl Levin, who chairs the Senate’s Permanent Subcommittee on Investigations.
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