Kevin Drawbaugh
Reuters
October 6, 2011

Corporations seeking a tax break on overseas profits scored a win on Thursday in the Senate with the introduction of a bill offering two possible reduced tax rates for repatriating earnings from abroad.

Senators Kay Hagan and John McCain unveiled bipartisan legislation that would let multinationals bring foreign profits into the country at an 8.75 percent tax rate or, if they boost hiring, at 5.25 percent. The statutory rate is 35 percent.

McCain, a Republican, said the bill would be offered as an amendment to President Barack Obama’s jobs package when that measure arrives in the Senate, if Democratic Senate leadership does not on its own include the tax provision in the package.

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