Senate blocks anti-offshoring measures

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. Read the whole article here.