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The chairman of the Senate Budget Committee, Kent Conrad, announced Thursday that the panel would indefinitely defer work on a budget for the coming fiscal year.
But the law has a big caveat: Companies can indefinitely defer the taxes on profits earned abroad — as long as those profits stay overseas.
Presently, companies can indefinitely defer paying taxes on income earned overseas, so long as they don't try to repatriate those earnings back to the U.S. parent company.
But the chief executive of the Council of Small Business, Peter Strong, said last week's cabinet decision to indefinitely defer changes to competition law strongly advocated by the government's own small business minister, Bruce Billson, "puts those tax reductions in the shade".
It allows corporations to indefinitely defer paying their U.S. taxes on profits made -- or that can be manipulated to look as though they were made -- in foreign countries.
On Monday, Louisiana House Ways and Means Committee Chairman Joel Robideaux, a Lafayette Republican, acknowledged that the support was not there, saying that unless the authors insist, "we should indefinitely defer consideration of these bills".
Similar(54)
The comedy is all in the foreplay, because the climactic punchline of irony is indefinitely deferred.
Changes to competition policy, championed by the small business minister, Bruce Billson, had been indefinitely deferred under the former prime minister.
A senior White House official said the president had indefinitely deferred the sale of the most advanced warships and their radar systems.
We have woken up belatedly to the results of behaving as if scarcity could be indefinitely deferred: the ecological crisis makes this painfully clear.
A9 Retreat on Medicare Cuts The Clinton administration indefinitely deferred plans to cut Medicare payments for cancer drugs given to hundreds of thousands of patients.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com