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Study: Corporations Laid Off Workers Following Tax Holiday

A new report is warning against a proposed tax holiday on overseas profits that corporate proponents say will boost the economy. According to the Institute for Policy Studies, 10 major corporations fired workers right after enjoying a tax holiday in 2004-2005. Overall, 58 corporations cut more than 600,000 jobs after collectively saving some $64 billion in taxes. Overseas profits are currently taxed at the 35 percent corporate rate; a proposed measure in the Republican-controlled House would reduce that to a one-time rate of just over five percent.

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