October 19, 2016

A CHOICE OF REPUBLICAN PARTIES:

Democratic Sen. Chuck Schumer Says Top Priority for Next Year Is Giant Corporate Tax Cut (Jon Schwarz, October 19 2016, The Intercept)

Chuck Schumer, likely to be majority leader next year if Democrats take back the Senate, told CNBC Tuesday that one of his top two 2017 priorities would be an enormous corporate tax cut.

Speaking of himself in the third person, Schumer said that "we've got to get things done. ... The two things that come, that pop to mind -- because Schumer, Clinton, and Ryan have all said they support these -- are immigration and some kind of international tax reform tied to a large infrastructure program."

American multinational corporations are now holding a staggering $2.5 trillion in profits overseas, refusing to bring the money back at the current tax rates until they get a special deal.

Revenue-starved Democratic leaders have broadly hinted they are prepared to cave, either for a "holiday" period or permanently.

In an exchange with CNBC's John Harwood, Schumer confirmed that the latter is in fact in the works. 

Posted by at October 19, 2016 4:13 PM

  

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