June 09,2014

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Aaron Fobes/Julia Lawless (202) 224-4515

JCT Estimates Repatriation Tax Holiday Would Cost $95 Billion

WASHINGTON – Today, Senate Finance Committee Ranking Member Orrin Hatch (R-Utah) highlighted a letter from the Joint Committee on Taxation (JCT) regarding the budgetary impacts of a repatriation tax holiday.  In the letter, JCT estimates a temporary tax holiday would have a negative impact of $95 billion over 10 years. 

“A tax holiday meant to encourage U.S. companies to repatriate funds from overseas should only be considered when it makes economic sense, such as part of comprehensive tax reform,” Ranking Member Hatch said.  “The Joint Committee on Taxation has clearly outlined the ramifications of a temporary tax holiday, and the outlook is not in the best interest of the American people nor for the coffers of the federal government.   It is my hope my fellow lawmakers note these projections when considering options to fund future projects and programs.” 

The full letter is available here.