The U.S. Senate rejected two Democratic efforts Wednesday to amend a corporate tax bill containing key provisions favored by tech companies with international operations.
The amendments sought to eliminate or severely limit a one-year proposal to reduce foreign dividend taxes from 35 percent to 5.25 percent.
If ultimately passed by Congress, proponents say the tax provision will "repatriate" more than $300 billion into the U.S. economy and create as many as a half million new jobs. As they did in March when the same legislation came before the Senate, Democrats used the debate on the bill as a platform to denounce offshoring, calling the provision to reduce the tariffs a tax subsidy for companies moving jobs offshore.
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