Forum Post: Corporations again asking for tax amnesty on profits held abroad.

Corporations are once again lobbying for a period of amnesty so that they can bring back (tax free) to the US profits they hold in other countries. Their promise is to use the profits to create jobs at home. They did the same thing in 2004. They were allowed to bring back around 300 billion dollars in profits (tax free) and instead of using the money to provide jobs, 92% of the money was spent buying back company stock and increasing dividends to stockholders.

Why were they allowed to get away with this??? Where was the oversight? Why were there no penalties applied? Why would we think they would act differently if they were granted amnesty again.

This information came from an article in The Week Magazine. I can provide details if you'd like.