Economy

Coalition Of Corporations Pushing For Massive Tax Giveaway Disbands

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WinAmerica, a coalition of corporations including Apple, Cisco Systems, and Microsoft that has been pushing for a massive corporate tax giveaway, will reportedly disband, according to Bloomberg News. The group has severed ties with two of its three lobbying firms after spending more than $760,000 lobbying for a temporary reduction in the repatriation tax, the tax corporations pay on foreign profits when they are brought back to the United States. Though their cause was quickly adopted by congressional Republicans and many of the party’s presidential candidates, it ultimately went nowhere, potentially because the failures of the last repatriation holiday were quite apparent. After the repatriation tax rate was temporarily reduced in 2004, corporations stored more money offshore in anticipation of a future holiday, all the while laying off thousands of workers.