U.S. Sen. Rand Paul tells N. Ky chamber U.S. will have to wait on repatriation tax breaks
07/25/2014 02:31 PM
COVINGTON – U.S. Senator Rand Paul told members of the Northern Kentucky Chamber of Commerce on Friday that he is hopeful that legislation which would lower the tax on foreign corporate profits for U. S. corporations might have chance of passing, just not right now.
The bill would allow companies like Apple to bring profits back to the United States at reduced tax rate. A similar tax holiday was enacted in 2004.
Paul, who was speaking at the chamber’s government forum, said that the legislation probably would not come up for a vote this summer, but could see action at a later date.
“Barbara Boxer’s for it, Harry Reid’s for it in general,” said Paul. “The only thing that divides us is they want to place a rule in there to tell Apple computer that they can’t buy back their own stock. I’m OK with the representatives deciding how to spend the tax money, but the 300 billion that comes home, if 100 billion of that is Apple’s, we should not direct them how to spend it.”
According to a June Bloomberg report the non-partisan Joint Committee on Taxation said a tax holiday would create $95.8 billion in the first two years. However, the committee said after that the tax break could actually cost the United States.
Paul also talked about education reform which he said could give students options if they are attending a low performing school.
“At the federal level, if we’ve sent money to poor schools, let’s start sending it to the kids instead,” said Paul. “Let’s send all of the title 1 funds directly to the kids, kids get a voucher, and the kid can take it wherever he wants.”
In his speech Paul also continued his call for restoring the voting rights for non-violent convicted felons over a period of time. He also touted the importance of establishing economic impact zones for cities which would lower the tax rate in poor, struggling cities to initiate economic growth and jobs in depressed areas.
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