Cantor Shock Stalls Offshore Corporate Tax Break In Congress
The defeat of House of Representatives Majority Leader Eric Cantor shifted the political ground under U.S. multinational corporations this week, just as they seemed to be gaining traction in their push for a $95 billion tax break on bringing foreign profits home. With House Republicans in turmoil after their leader’s loss, lobbyists and policy analysts said the proposal, known as the offshore corporate income tax holiday, was losing momentum. The setback underscored the inability of the U.S. Congress to handle difficult tax issues, including renewing dozens of temporary laws that have expired and tackling a long-overdue tax code overhaul.
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