Multinationals Want Tax Break on Offshore Profits

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Sept. 30 (Bloomberg) -- Apple Inc. and Google Inc. are leading a coalition of multinationals lobbying for a repeat of the 2004 tax holiday that allowed companies to bring home offshore earnings at a tax rate of 5.25 percent, instead of the current 35 percent. More than 160 lobbyists, including 60 who once worked for Congress or the administration are pushing for the tax holiday on more than $1 trillion in offshore profits. Critics say the move will cost the government almost $78 billion. Megan Hughes reports on Bloomberg Television's "Inside Track." (Source: Bloomberg)

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