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Grover Norquist: Repatriation holiday could happen

Norquist’s comments come as the Win America Campaign, a coalition of businesses and business groups, is lobbying for a holiday, which they say will help bring in some of the roughly $1 trillion U.S. corporations have parked overseas. Rep. Eric CantorEric Ivan CantorBottom line Virginia GOP candidates for governor gear up for convention Cantor: 'Level of craziness' in Washington has increased 'on both sides' MORE (R-Va.), the House majority leader, is among the lawmakers who have backed the idea as well.  

For their part, critics of the last tax holiday, which was enacted in 2004 and allowed multinationals to bring offshore revenues here at the reduced rate of 5.25 percent, have expressed skepticism that it helped create jobs. The current top marginal corporate rate is 35 percent. 

At the news conference, planned for just ahead of the tax filing deadline, prominent congressional Republicans — including Sen. Orrin HatchOrrin Grant HatchDrug prices are declining amid inflation fears The national action imperative to achieve 30 by 30 Financial market transactions should not be taxed or restricted MORE (Utah), the ranking member of the Senate Finance Committee — also resumed their sharp criticism of Obama’s Wednesday deficit-reduction speech. 

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The GOP lawmakers continued to slam Obama for calling for allowing taxes to rise on the wealthy, and called for the president to move beyond rhetoric when it comes to tax reform. 

On Wednesday, Obama called for congressional action on individual tax reform, after the administration had earlier made quite clear it was pushing forward on revamping the corporate tax code. Still, the aftermath of Wednesday’s speech showed that the two parties appear to have a gap to bridge when it comes to tax reform, even though top Republicans have also endorsed the idea. 

“I always appreciate the speeches on tax reform. But speeches won’t get it done,” said Rep. Kevin BradyKevin Patrick BradyMcConnell presses for 'actual consequences' in disclosure of tax data On The Money: House Democrats line up .5T in spending without budget | GOP takes aim at IRS | House Democrat mulls wealth tax Republicans open new line of attack on IRS MORE (R-Texas), a senior member of the House Ways and Means Committee. “We don’t need any more commissions. We don’t need any more remarks. We need the president to come to the Capitol and sit down with our Republican leaders to get serious about fashioning a tax code that is fair for people and competitive for our companies around the world.”