Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Politics & Policy

Lobbying for a Trillion-Dollar Tax Holiday

U.S. multinationals like Pfizer (PFE), Cisco (CSCO), and Apple (AAPL) have parked more than $1.3 trillion in profit overseas, avoiding federal income taxes. Typically, when earnings are returned to the U.S.—or “repatriated”—they are taxed at the 35 percent corporate rate, with credits for foreign income taxes paid. U.S. multinationals, however, are seeking a reprise of a 2004 tax holiday that allowed them to repatriate offshore earnings at a rate of 5.25 percent. Under that break, companies brought home $312 billion. They did little direct hiring or domestic investment with the cash, according to several independent studies. Instead they used it largely for stock repurchases. Multinationals liked that just fine, and they’re now using former congressional staffers—lots of them—to lobby their old bosses for a second break. They’re working for a variety of firms and associations, including Win America, a coalition of companies and trade groups dedicated to winning this holiday. Bloomberg Businessweek found that at least 60 former staffers for current members of Congress have been hired, part of more than 160 lobbyists pressing for the break. Both tallies likely understate the true number because of loose lobbying disclosure rules. This chart details some of the key lobbyists and their congressional connections, as well as other players.

Drucker is a reporter-at-large for Bloomberg News.
Rubin is a reporter for Bloomberg News in Washington.

blog comments powered by Disqus