January 30, 2009 02:15 PM | | Bookmark and Share

“Congress can swear on two stacks of Bibles that it’ll never do it again, but they’ve lost their virginity.” H. David Rosenbloom, Director, NYU School of Law International Tax Program, commenting to the New York Times on July 24, 2007 on the “repatriation” provision in the American Jobs Creation Act of 2004.

In 2004, Congress did something that, it claimed, it would never do again. It allowed corporations that had shifted their profits offshore to “repatriate” those profits—that is, bring them back into the United States—and pay corporate income taxes on those profits at a almost nominal 5.25% rate instead of the normal 35% rate for corporate income.

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