RALEIGH -- North Carolina Sen. Kay Hagan Thursday introduced a bipartisan bill to entice U.S. corporations to bring home offshore profits at a sharply discounted tax rate - a move she said could help jump-start a stagnant economy.
At a news conference with Republican Sen. John McCain, Hagan said that offering a tax holiday - a temporary lowering of corporate taxes for offshore profits from 35 percent to 8.75 percent or lower - would encourage companies to hire more American workers.
"More than $1 trillion of American company earnings are stranded outside of America where it is not doing one bit of good for the American economy," said Hagan, a Democrat from Greensboro. "Companies with a North Carolina presence have roughly $200 billion sitting overseas. I want that money back in America and I want it back in North Carolina."
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