State of Colorado Archives: on Free Trade


Bob Schaffer: Reducing repatriation tax pumps capital into economy

Udall called Schaffer’s idea for chopping the tax charged on money repatriated to US banks a “giveaway to companies that send jobs overseas.”

“When you give these companies a [tax] holiday, that rewards these companies for creating these jobs overseas & not here,” Udall said.

Schaffer, however, said a temporary reduction in the repatriation tax would, in fact, strengthen the US economy. “What would be a more powerful boost to the economy is exploring multiple strategies to pump private capital, real dollars, into the economy,“ Schaffer said. He said Congress did this as recently as 2004, dropping the repatriation tax from 35% to 5.25%, bringing $362 billion into US banks.

Schaffer said Udall’s criticism of the plan to lower the repatriation tax is curious: ”He voted for it at its last step before it went to the president,“ Schaffer said. According to congressional records, Udall voted for the 2004 American Jobs Creation Act on Oct. 4, 2004, after he voted against it in June.

Source: 2008 Colorado Senate debate reported in The Daily Sentinel Sep 25, 2008

Mark Udall: Reducing repatriation tax rewards sending jobs overseas

Udall called Schaffer’s idea for chopping the tax charged on money repatriated to US banks a “giveaway to companies that send jobs overseas.”

“When you give these companies a [tax] holiday, that rewards these companies for creating these jobs overseas & not here,” Udall said. Instead, he said Colorado leaders should be focused on restoring the financial markets’ vitality and instituting oversight to prevent future crashes. “It’s exactly that kind of thinking that got us into this crisis to start with, Udall said of Schaffer’s plan.

Schaffer, however, said a temporary reduction in the repatriation tax would, in fact, strengthen the US economy. “What would be a more powerful boost to the economy is exploring multiple strategies to pump private capital real dollars, into the economy,” Schaffer said.

Schaffer noted that Udall “voted for it at its last step before it went to the president.” Udall voted for the 2004 American Jobs Creation Act on Oct. 4, 2004, after he voted against it in June.

Source: 2008 Colorado Senate debate reported in The Daily Sentinel Sep 25, 2008

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Page last updated: Mar 28, 2014