(Politico) A proposal from Senate Majority Leader Harry Reid to give Big Businesses a major tax cut this election year is roiling lawmakers and not along the usual party lines.
The Democratic leader is pitching to give multinational corporations a tax holiday on trillions of dollars in profits they’ve stashed overseas, a plan aimed at boosting the economy while simultaneously helping fill a $10 billion budget hole in the government’s ailing highway trust fund. His proposal has the backing of an eclectic group of supporters including libertarian Sen. Rand Paul (R-Ky.) and California Democrat Barbara Boxer, who’s long pushed for such a break.
But it also has bipartisan skeptics, including members of Reid’s own leadership team, his chief tax writer Ron Wyden as well as business-friendly Republicans like Rob Portman and top Republican tax writer Orrin Hatch — who find themselves in the odd position of opposing a tax cut that’s been engineered to raise money.
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