Cantor shock stalls offshore corporate tax break in Congress

http://ift.tt/eA8V8J By Emily Stephenson and Patrick Temple-West WASHINGTON (Reuters) - The defeat of House of Representatives Majority Leader Eric Cantor shifted the political ground under U.S. multinational corporations this week, just as they seemed to be gaining traction in their push for a $95 billion tax break on bringing foreign profits home. With House Republicans in turmoil after their leader's loss, lobbyists and policy analysts said the proposal, known as the offshore corporate income tax holiday, was losing momentum. The offshore income tax holiday had been gathering some support, but Cantor's defeat in the Virginia primary election damaged that, observers said. The proposal, which calls for short-term tax breaks to pay for road repairs, frustrates some conservatives who oppose more government spending and believe tax breaks should be permanent, not a one-time holiday.



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