Close a Corporate Tax Loophole?

When pigs fly.

Major corporations such as Apple, Google and Microsoft have been avoiding the 35% corporation tax on earnings repatriated to America by stockpiling earnings overseas in low-tax jurisdictions such as Bermuda and Ireland.

[...]

Barack Obama will propose a major clampdown on US corporations with a one-off levy on an estimated $2tn of untaxed earnings being stashed overseas, using the windfall to rescue America’s crumbling road infrastructure.

The centrepiece of the White House budget, which will be unveiled on Monday but was shared in advance with the Guardian and other media, is a one-off 14% tax on untaxed foreign earnings multinational companies are shielding overseas.

  The Guardian

Yeah, good luck with that.

Republicans have signalled they are open to finding a way to tax earnings stored overseas by big corporations, and have explored similar ideas. They are also in favour of boosting money for road-building – one of the few areas of government spending they are willing to see increase.

We’ll see.

...but hey, do what you want...you will anyway.