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levinstudy

levinstudy

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Published by Arik Hesseldahl

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Published by: Arik Hesseldahl on Oct 11, 2011
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07/10/2013

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United States Senate
 PERMANENT SUBCOMMITTEE ON INVESTIGATIONS 
Committee on Homeland Security and Governmental Affairs
Carl Levin, ChairmanTom Coburn, Ranking Minority Member 
REPATRIATING
 
OFFSHORE
 
FUNDS:
2004
 
TAX
 
WINDFALL
 
FOR 
 
SELECT
 
MULTINATIONALS
 
MAJORITY STAFF REPORTPERMANENT SUBCOMMITTEEON INVESTIGATIONSUNITED STATES SENATE
October 11, 2011
 
PERMANENT SUBCOMMITTEE ON INVESTIGATIONSSENATOR CARL LEVINChairman
ELISE J. BEAN
Staff Director and Chief Counsel
ROBERT L. ROACH
Counsel & Chief Investigator 
ALLISON F. MURPHY
Counsel
MARCELLE D. JOHNS
Detailee
 MICHAEL J. MARTINEAU
Detailee
 MARY D. ROBERTSON
Chief Clerk 
10/7/11
Permanent Subcommittee on Investigations
199 Russell Senate Office Building – Washington, D.C. 20510Main Number: 202/224-9505Web Address: www.hsgac.senate.gov [Follow Link to “
Subcommittees
,” to “
 Investigations
”]
 
EPATRIATING
O
FFSHORE
F
UNDS
:2004
 
T
AX
W
INDFALL FOR 
S
ELECT
M
ULTINATIONALS
Table of Contents
I.EXECUTIVE SUMMARY
................................................. 3
A.Subcommittee Review
................................................... 3
B.Report Findings
........................................................ 41.U.S. Jobs Lost Rather Than Gained..................................... 42.Research and Development Expenditures Did Not Accelerate................. 43.Stock Repurchases Increased After Repatriation........................... 44.Executive Compensation Increased After Repatriation....................... 45.Only A Narrow Sector of Multinationals Benefited......................... 46.Most Repatriated Funds Flowed from Tax Havens.......................... 47.Offshore Funds Increased After 2004 Repatriation.......................... 48.More than $2 Trillion in Cash Assets Now Held by U.S. Corporations.......... 59.Repatriation is a Failed Tax Policy...................................... 5
C.Report Recommendation
................................................ 5
II.BACKGROUND.......................................................
.. 5
A.U.S. International Tax System
............................................ 5
B.American Jobs Creation Act of 2004
....................................... 6
C.2004 AJCA Repatriation Profile
.......................................... 8
III.SUBCOMMITTEE REVIEW
............................................... 9
A.Results of the Subcommittee’s Firm-Level Survey
........................... 91.U.S. Jobs.......................................................... 102.Research and Development Expenditures................................. 163.Stock Repurchases................................................... 194.Executive Compensation.............................................. 235.Industry Sectors Benefiting from Repatriation............................. 286.Source of Repatriated Funds........................................... 307.Corporate Funds Held Offshore Post-Repatriation.......................... 338.Current Domestic Cash Assets......................................... 379.2004 Repatriation Did Not Achieve Intended Stimulus Effect................. 39
B.Conclusion
. . . ......................................................... 41
IV.APPENDIX
. . . . . . . ....................................................... 42# # #

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