Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Aug 6, 2008
MR. STEPHANOPOULOS: I understand that he's called for that, but why is he for preserving the tax break for keeping profits overseas?
MS. FIORINA: Describe for me the tax rate that Obama thinks is being maintained for companies who leave profits overseas? There is not an incentive today. I can tell you as a CEO. You don't get a tax break for leaving profit overseas. What you get --
MR. STEPHANOPOULOS: You get to defer to the taxes on those profits as long as they stay overseas and that's what he wants to take away.
MS. FIORINA: But that's exactly the point. If the tax rate were lowered on businesses in this country, businesses would bring money back. The reason they cannot bring money back is because the tax rate is so onerous.
MR. STEPHANOPOULOS: Not if they could pay no taxes for leaving them overseas, which is what the proposal is, which is where the law is right now.
[ABC's "This Week with George Stephanopoulos," 5/11/08]
2006: McCain Voted Against Closing Loopholes On Foreign Oil Incomes And Tax Havens. McCain voted against an amendment to the 2006 Tax Reconciliation bill that would have paid for extending tax cuts by closing loopholes on foreign oil income, tax havens and withholding on government contractors. Obama: Y, McCain: N [2006 Senate Vote #3, 2/2/06]
Offshore Tax Havens Increased 66% From 2002 To 2007. A Government Accountability Office report released by the Senate Finance Committee Thursday of a single address in the Cayman islands revealed that "the number of U.S. entities reporting that they control Caymans bank accounts jumped to 7,937 last year, up from 2,677 in 2002," a 66% increase.[Wall Street Journal, 7/24/08, online.wsj.com]