David Rosenbloom Comments in Bloomberg Article, Repatriation Bill to Tax Overseas Profit at 8.75 Percent
Corporate repatriation legislation proposed by Senators Kay Hagan and John McCain would let U.S. businesses bring home offshore profits at an 8.75 percent tax rate.
Tax attorney H. David Rosenbloom said that adding to a company's gross income, as the Hagan-McCain proposal does, may be friendlier to business than adding to its taxable income because it provides more chances to whittle down a tax liability through the use of deductions and credits.
"Generally, the higher up on a tax form the number appears, the more opportunities there are, the more things that can occur, said Rosenbloom, a partner at Washington-based Caplin & Drysdale Chartered and director of the international tax program at New York University's law school.
Click here to read the full article on the corporate repatriation legislation.
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