As the NY Times reports this morning, the latest politico-corporate swindle (see GOP facilitation) -- yes, it is impossible to keep up -- is the "repatriation holiday" for overseas U.S. corporate cash, which would slash taxation here of "vast profits" held there.
The suits never tire of overselling:
Corporations and their lobbyists say the tax break could resuscitate the gasping recovery by inducing multinational corporations to inject $1 trillion or more into the economy, and they promoted the proposal as "the next stimulus" at a conference last Wednesday in Washington.
They were treated to such a holiday in 2005, and according to MIT economics professor Kristin Forbes, who was a member of Bush’s council of economic advisers:
"For every dollar that was brought back, there were zero cents used for additional capital expenditures, research and development, or hiring and employees wages."
The facts simply and plainly defy the politico-corporate promise of "the next stimulus." Therefore, look for this proposal to go far in Congress.