GOP’s Cantor supports tax break for corporate foreign profit

Posted on February 8, 2011

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House Republican Leader Eric Cantor said today that he backs a tax break for companies on foreign profits brought back to the U.S. — a policy known as repatriation. The proposal is one of 37 corporate tax breaks submitted by members of the House GOP Tuesday.

Under repatriation, companies can bring back to the U.S. profits earned abroad for a certain period of time (i.e., just long enough for it to be laundered stateside and further rendered untaxable) under reduced tax rates.  Ever-so-coincidentally, one of the other proposals by Republicans today was a reduction in the tax rate applied to corporate foreign profit.

Doesn’t it just make your heart all warm and fuzzy knowing that all those “fiscally conservative, slash spending, protect the taxpayer” public servants in Washington are out there on the front lines, protecting America’s corporate windfalls?

Hell, between that and redefining the word “rape” so women can’t use it as “a convenient abortion excuse” … they’ve had a full day!

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