CHRONICLE: Rauner “applauding” Trump plan to reward companies stashing profits overseas

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Illinois Governor Bruce Rauner has finally taken a position in support of the controversial Trump-Republican tax reform plan making its way through Congress.

On a radio show this week, Rauner said of the bill, “I’m applaudin’ Congress, I hope they come through, we’ll see, it’s a tough battle.”

Rauner’s support for the controversial tax plan is not sitting well with middle-income families due to many the provisions in the bill seen as giveaways to multi-billion dollar corporations.

A report in the New York Times this week found that the bill is poised to reward companies that have stashed trillions of dollars in profits overseas in an effort to avoid taxes.

The bill supported by Rauner would allow companies to “bring nearly $3 trillion in profits home, at greatly reduced tax rates,” according to the paper.

The Times continued, “It would give companies a permanent tax break of about half a trillion dollars, rewarding the likes of Google, Apple, Pfizer and General Electric. Corporate America claims that about $3 trillion in profits were generated in places like Bermuda, Grand Cayman and Luxembourg.”

David Miller, a tax lawyer at Proskauer Rose, quoted in the Times said the tax breaks “confirm the central tenet of tax planning that a tax deferred is a tax avoided… For decades, U.S. multinationals have shifted profits abroad and deferred their taxes on them. If either of the tax bills pass, they will be rewarded for doing so.”

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