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February 9, 2005

All Business: Corporate tax break unlikely to boost jobs

  • So much for all the hiring the government promised when it gave corporate America a tax holiday.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — When Kellogg Co. announced plans to bring back $1 billion in foreign profits to the United States this year thanks to new corporate tax breaks, it said it would use those funds to do such things as develop new products and explore potential acquisitions. It didn't mention directing that money toward creating jobs.

    So much for all the hiring the government promised when it gave corporate America a tax holiday this year by allowing companies to repatriate their earnings from abroad at a tax rate of 5.25 percent rather than at the usual rate of 35 percent.


     
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