John McCains Overseas Corporate Profit Repatriation Tax Holiday= Free Money for the 1%

Senator John McCain has introduced the overseas corporate profit repatriation tax holiday bill co-sponsored by Kay Hagan.  Corporations are storing an estimated 1.5 trillion dollars overseas to avoid paying US taxes.  The US tax rate on corporate profits earned overseas is 35% and the bill introduced in the Senate would reduce those taxes to 8.75% or 5.25 if the company boosts hiring.  George Bush, Eric Cantor and John Boehner pushed a similar measure in 2004.  The 2004 tax holiday has been widely studied and the consensus is that the 2004 corporate tax holiday created zero or negative job increases.   Indeed, during the 8 year Bush administration only about a million jobs were created, the worst post-war result of any president.   Today John McCain stated at a Reuters summit:

"If you brought $1.5 trillion back to the United States of America, it's bound to have some positive effect somewhere, I don't see how it would not. Even if they buy more yachts and ... corporate jets and all that, it's bound to have some effect."

The US has a failing grade in infrastructure.  Across America cities are starving for revenue, turning off street lights, cutting bus routes and laying off teachers, fire fighters and policeman.    Corporations are not paying taxes.  You and I pay more in income taxes than Verizon, Boeing, GE and about 20 other corporations combined.   Hard pressed citizens with reduced civil services will be delighted to know that bigger yachts will be floating on local lakes and rivers, that they used to have time to visit.   Similarly,  citizens walking to work will be very happy that CEO's across America are flying over their heads in beautiful new corporate jets.
John McCain and the republicans are completely out of touch with 99% of Americans and we would be far better served, if McCain and his republican cronies were stored offshore along with  corporations' overseas profits.