Obama administration resists tax holiday on foreign profits

10/19/2010 | Financial Times (tiered subscription model)

A growing number of U.S. companies, including Cisco Systems and General Electric, are urging the Obama administration to instate a tax holiday on overseas profits. The tax of up to 35% has forced some firms to keep cash in foreign subsidiaries rather than transfer it into their domestic coffers. Overseas funds account for up to 40% of the estimated $1 trillion in cash held by S&P 500 companies, JPMorgan Chase estimates.

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